HYDERABAD: With the global video game business becoming the latest craze, even movie production houses are shifting their focus towards the industry.
The latest to join these ranks is the Hyderabad-based Suresh Productions from the stable of Ramanaidu Studios group. The group has picked up a 35% stake, valued at $2 million in gaming company FxLabs Studios Pvt Ltd, promoted by Sashi Reddi of software testing house AppLabs.
With this, FxLabs has received a total funding of $6 million till date. Sashi Reddi founded the company with an initial investment of $3 million, pumping in an additional $1 million along with the $2 million brought in by D Suresh Babu, MD, Suresh Productions into it.
Apart from the investment, which has happened through sister company Spirit Media, FxLabs will also convert a few Indian movies into computer and video games for the Indian market, he said.
FxLabs will launch Inferno, its first computer game, in September this year, followed by Archie’s Riverdale Run in a few months, said Tony Garcia, CEO.
Suresh productions will provide marketing and distribution support for FxLabs to launch its PC and console games. FxLabs is looking to hike its employee strength to 200 people by the end of the year from the current 87, Garcia told DNA Money.
