Game Developer PlaySimple Files DRHP For ₹3,150 Cr OFS-Only IPO

Swedish gaming company MTG-owned PlaySimple Games has filed DRHP for an OFS-only IPO of ₹3,150 Cr with SEBI. 

The game developer, which operates a portfolio of 30 live casual mobile games, was acquired by MTG for more than $360 Mn in 2021. MTG’s holding entity MTGx Gaming Holding AB will be the lone seller in the IPO. 

MTG owns a 100% stake in PlaySimple, with MTGx Gaming Holding AB and Modern Times Group MTG among its promoters. 

PlaySimple was founded in 2014 by Siddharth Jain, Siddhanth Jain, Preeti Reddy, and Suraj Nalin. It was backed by the likes of Elevation Capital and IDG Ventures India.

None of the cofounders are with the company as of now. The IPO-bound company is currently being led by MTG’s CEO-casual district Yoav Ecker as its MD and CEO.

Last year, Siddharth Jain, the cofounder and CEO of PlaySimple, moved to the role of chairman till December 2025 to support the leadership transition in an advisory capacity. While Reddy and Nalin exited the company in July 2025, Siddhanth also left last year.

The gaming studio has a portfolio of 30 live casual games across five major categories — search, crossword, anagram, other word games and non-word puzzles.

It had approximately 4.99 Mn daily active users (DAUs) as of December 31, 2025, in regions such as North America, Europe and Asia, with 424.61 Mn downloads last year itself. Overall, it has a presence across over 110 countries.

“We are a highly data-focused company and continue to innovate and experiment with user acquisition and monetisation techniques to target a positive lifetime value to cost per installation ratio, which is a measure of the revenue derived from a player against their acquisition cost,” the company said.

PlaySimple’s Financial Performance

In the calendar year 2025, PlaySimple’s operating revenue jumped 20% to ₹2,2598.2 Cr. Including other income of ₹44 Cr, its total income stood at ₹2,304 Cr.

The company posted a profit of ₹359 Cr during the year, down 31% from ₹521.2 Cr in the previous year.

The decline in profit was largely due to a sharp rise in total expenses. The company spent ₹1,817.1 Cr in 2025, a 33% jump from ₹1,213.6 Cr spent in the previous year. In this, advertising and sales commission costs, which accounted for the biggest share of the total expenses, surged 54% YoY to ₹1,529.3 Cr. 

The company earns its revenue from in-app advertisements, in-app purchases and from software development services, which includes fees generated from developing, licensing and maintaining games for third-party platforms.

PlaySimple’s top line was largely driven by advertising income, which brought in ₹1,916.9 Cr during the year. While advertising income surged 30% YoY to ₹1,916.9 Cr, in-app purchases brought in ₹333.6 Cr.

With this, PlaySimple is looking to become the second gaming company to go public in India after Nazara. Besides, Nazara’s associate company NODWIN is also currently preparing for an IPO, as it has begun engagements with bankers for a listing later next year.

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