Internet browser provider Opera Declared a strategic investment of $30 million (Approximately Rs. 219 crores) into Award-winning Audio and entertainment Firm – StarMaker – to accelerate growth and Research shared Chances for both the Businesses, an official statement said on Tuesday.
With an engaged consumer base in India, Indonesia and the Middle East, StarMaker lets users record and discuss their own music videos, allowing them to collaborate, join and follow other musicians and users on social networking platform.
Included in this bargain, Opera has acquired an ownership stake of 19.35 percentage in StarMaker along with an option to increase its ownership to 51% from the second half 2020, the company said in a statement.
“StarMaker matches our existing content stage’Opera News’ and we are very excited to put money into the business,” said Frode Jacobsen, Chief Financial Officer, Opera.
After the investment, Yahui Zhou, Chairman and CEO of Opera would continue to hold 65.78 percent of the outstanding equity interests in StarMaker.
Opera’s Board of Directors acquired a valuation evaluation from an independent third party investment bank before the approval of the transaction, the company added.