PVR & INOX to merge 📽, Rebel Foods' $10 Mn Esop 🍝, Glance acquires Gambit 🎮
PVR, INOX will merge to create India’s largest multi-screen player, Rebel Foods' $10 million Esops, Glance InMobi acquires Gambit, Funding Deals & more.
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PVR, INOX will merge to create India’s largest multi-screen player🍿
PVR and INOX, India’s top two multiplex chains on Sunday announced a surprise merger to create the country’s largest multi-screen player as they looked to emerge from the pandemic-induced slump and seek to tackle the onslaught from content streaming giants.
While existing multiplex screens will retain their brands, new cinemas opened post the merger will be branded as PVR Inox, PVR told stock exchanges on Sunday. The merged entity will be named PVR Inox Ltd.
After the merger, Inox promoters will own a 16.66% stake in the combined entity, while PVR founders will own 10.62%. PVR’s chairman and managing director Ajay Bijli would serve as managing director of the merged entity.
PVR currently operates 871 screens across 181 properties in 73 cities and INOX operates 675 screens across 160 properties in 72 cities. The combined entity will become the largest film exhibition company in India operating 1,546 screens across 341 properties in 109 cities.
Cloud kitchen unicorn Rebel Foods announces $10 million Esop liquidation🍟
Rebel Foods, the company behind Faasos, Behrouz Biryani, Ovenstory Pizza and Mandarin Oak, has announced a $10 million employee stock ownership plan (Esop) liquidation program for eligible current and former employees.
Rebels Foods said it would set aside a sum to allow for such liquidation every year. This year, over 150 present and former Rebel Foods employees got to liquidate their vested options through this program, it said.
Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods created brands such as Faasos, Behrouz Biryani, Ovenstory Pizza and Mandarin Oak. Last year, it took over the India franchise of the US burger brand Wendy’s.
Five top executives were promoted to cofounders of Rebel Foods in 2020.
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Glance InMobi acquires Gambit, aims to bring NFT-based live gaming on lock screens globally🌎
Glance InMobi (“Glance"), a Singapore-based consumer internet company, has acquired Indian gaming company Gambit Sports Pvt Ltd. (“Gambit") - to accelerate its ambition of building the biggest platform for NFT-based live gaming experiences for Gen-Z, across markets.
The tie-up brings together Glance’s scale and locks screen-centric innovation with Gambit’s expertise and understanding of the gaming ecosystem. At present, Glance Games - Glance’s lock screen gaming platform - has more than 45 million monthly active users across Asia.
With the acquisition, Glance will leverage Gambit’s expertise to launch highly engaging live gaming experiences including tournaments, game shows, game streaming, and multi-player games on the lock screen.
Last month, Glance had signed an agreement to raise $200 million funding from Jio Platforms to accelerate its global expansion.
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