Mumbai-based mobile games studio Nazara Games has announced revenues of nearly $32.6 million for the 2015-2016 financial year.

The firm, led by CEO Manish Agarwal, has been bullish about the potential of the Indian market, focusing on IPs with domestic appeal such as Chhota Bheem and Indian cricket stars.

And it appears to have paid off, with 47% of its top-line revenue coming from the Indian market.

On the rise

"We have seen an explosive growth of 40% [Compound Annual Growth Rate] in the past 4 years," said Nazara Founder Nitish Mittersain.

He goes on to explain that much of this can be attributed to partnerships with handset manufacturers to have Nazara games pre-loaded on millions of devices.

Then there's the firm's subscription-based Games Club service, which allows customers to collect points that can be used across games. It is pushing into 20 new markets soon, and Agarwal says it "could be a huge growth driver."

Other initiatives include investments in international studios, starting with TrulySocial and Mastermind Sports.

[Source: The Economic Times India]