Internet browser provider Opera Declared a strategic investment of $30 million (roughly Rs. 219 crores) into Award-winning Audio and entertainment Firm – StarMaker – to accelerate growth and explore shared opportunities for both the enterprises, an official statement said on Tuesday.
With an engaged user base in India, Indonesia and the Middle East, StarMaker lets users capture and share their own music videos, letting them collaborate, connect and follow other musicians and musicians on the social media platform.
Included in this bargain, Opera has acquired an ownership stake of 19.35 percentage in StarMaker along with an choice to raise its ownership to 51% from the second half 2020, the business said in an announcement.
“StarMaker complements our current content stage’Opera News’ and we are extremely eager to put money into the company,” said Frode Jacobsen, Chief Financial Officer, Opera.
Following the investment, Yahui Zhou, Chairman and CEO of Opera would continue to maintain 65.78 percent of the outstanding equity interests in StarMaker.
Opera’s Board of Directors obtained a valuation analysis from an independent third-party investment bank before the approval of this transaction, the company added.