Internet browser provider Opera announced a strategic investment of $30 million (roughly Rs. 219 crores) into US-based music and entertainment company - 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 record and share their own music videos, allowing them to collaborate, connect and follow other musicians and users on the social media platform.
As part of the deal, Opera has acquired an ownership stake of 19.35 percent in StarMaker along with an option to increase its ownership to 51 percent in the second half of 2020, the company said in a statement.
"StarMaker complements our existing content platform 'Opera News' and we are extremely excited to invest in the company," said Frode Jacobsen, Chief Financial Officer, Opera.
Following this 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 obtained a valuation analysis from an independent third-party investment bank prior to the approval of this transaction, the company added.