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  • Gaming Studio Stillfront Agrees to Buy Moonfrog to Enter Indian Market

    Published on March 12, 2021

    World-renowned gaming studios operator Stillfront is taking steps to enter the Indian market. The Stockholm-based company has agreed to buy Bengaluru-based Moonfrog Labs Pvt Ltd. This is the latest in a string of acquisitions of free-to-play gaming studios by Stillfront.

    It’s an intriguing chapter in the history of Moonfrog, which has become a well-known developer of games like Ludo Club and Baahubali: The Game. One of the most famous Moonfrog games is Teen Patti Gold. It’s a take on the popular traditional Indian card game. Of course, Teen Patti is available across the Internet and is hugely popular among the Indian population, you can find plenty of information about the game and advice on where to play there.


    However, the Moonfrog title is one of the most widely played. Given this level of success, this latest episode in the story of Stillfront is exciting for the company as it gives them the opportunity to own a profitable brand.

    The Stillfront Story

    Jörgen Larsson founded Stillfront in 2010. The Swedish entrepreneur had a background in gaming and technology. He aimed to put this experience to use by buying independent gaming operators that could operate separately under the same umbrella group.

    The first companies that Stillfront acquired included Gamerock AB, Verrano AB, and Coldwood Interactive AB. The company has gone on to purchase other studios while encouraging them to still innovate independently. Its base expands across Europe, North America, and the MENA region.  The news about the acquisition of Moonfrog signals Stillfront’s expansion into India.

    Stillfront’s entry into India

    The transaction between Stillfront and Moonfrog is planned to take place in four separate stages. The first stage is worth $90 million (around Rs 656.16 crore) on a cash and debt-free basis. It will mean that Stillfront acquires a 91% stake in Moonfrog.

    The other three stages that cover the remaining 9% will happen between now and 2023. They will link to the performance of Moonfrog based on annual EBITDA (earnings before interest, taxes, depreciation, and amortisation).

    So far, things have been going relatively well for the Moonfrog team, since the company’s foundation in 2013, by Tanay Tayal, Ankit Jain, Kumar Puspesh, Oliver Jones, and Dimpalkumar Maisuriya. In 2018-19 its consolidated net sales and profits were Rs 131 crore and Rs 38 crore, respectively.

    It seems that the deal with Stillfront will be good news for Moonfrog as the team can benefit financially while still taking advantage of the growing smartphone market in India with its creative game development. They will have the financial backing and the innovation to add titles to the company’s current catalogue that includes popular games like Ludo Club, Jalebi, and Teen Patti Gold.

    Of course, this can only be good news for gaming fans in India who will relish the opportunity to play new games from Moonfrog backed by new owners Stillfront. This exciting development in free-to-play gaming is set to continue to its fruition over the next two years, giving Stillfront the perfect opportunity to get a foothold in a completely new market for them.