From Idea to 5 Million Users: The NJD GAMES Playbook
What one Saudi gaming startup teaches us about speed, scale, and why Pressplay Capital is betting on the attention economy.
Hey founders, funds, & friends 👋,
A warm welcome to the 58th edition of the “Mehtta Ventures Dubai” investment digest newsletter, your weekly news digest about GAMES [Gaming, Ad Tech, Media Tech, Entertainment and Sports Tech] + AI startup and scaleup stories across the Middle East & India, digital / business trends shaping our lives and curated venture investment opportunities.
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How do you build a hit mobile game in MENA without wasting years in stealth?🎮
You start by sharing your idea with your audience — before even writing a single line of code.
In this clip from the latest episode of the Pressplay Podcast, Salman Al-Mutairi of NJD GAMES explains how they used early 3D renders on social media to validate interest before building — and how that shaped a data-first game development process from Day 1.
From Riyadh to 5M+ downloads, NJD’s journey is a masterclass in building for MENA and thinking global. 🏁
🎧 Full episode here
▶️ Go ahead and subscribe to get podcasts featuring folks building in the "attention economy"
Today’s program:
Why the Attention Economy can be a VC Sweet Spot
Why Pressplay Capital’s Strategy Works
Conclusion: Riding the Right Wave at the Right Time
And….Action!
Why the Attention Economy can be a VC Sweet Spot
Category Tailwinds
Gaming, Ad Tech, Media Tech, Entertainment, and Sports Tech — once considered "content-heavy" or risky — are now among the most liquid sectors across MENA, India, and the US. Cross-border M&A and IPOs are accelerating thanks to rising digital consumption, esports funding, video monetization, and new monetization stacks for creators and publishers.
The MENA Surge
MENA saw 212 M&A deals from 2019–2023 with the UAE and Saudi Arabia accounting for the lion's share. Notable exits include:
Jawaker (gaming) acquired for $205M (Stillfront, 2021)
Anghami IPO on NASDAQ via SPAC ($220M valuation)
StarzPlay Arabia sold 57% to e& and ADQ at $420M valuation
Seed-stage investors in Jawaker saw ~8–10x returns over a 10-year hold.
India’s Exit Momentum
India recorded 113 startup acquisitions in 2024 alone. Exits in the attention economy include:
Nazara Technologies IPO at $550M (WestBridge earned ~40x over 16 years)
Dream11 partial secondaries valued at $1B–$5B (Kalaari: ~$200M returned)
Pocket Aces acquired by Saregama for $40M (5x+ for early VCs)
Loco, an esports streamer, exited for $65M to Redwood
US Benchmark
From Oculus VR ($2B exit in 1.5 yrs) to Twitch ($970M to Amazon), and Trade Desk ($30B market cap), early-stage investors in gaming and ad tech have seen 20x–100x MOIC and IRRs ranging from 30% to over 500%.
Why Pressplay Capital’s Strategy Works
Our Model
Average Check Size: $500K
Minimum Ownership: ~5%
Valuation Range: $7M - $10M (with a few high probability exit optionality built in)
Target: 15 startups across Middle East and India
The Math Checks Out
Even one $200M exit (5% = $10M) can return the full fund. Multiple $75M–$100M exits yield 5–10x outcomes on single bets, driving a 3x+ fund multiple, hitting the 30% IRR target.
Early Wins, Early Liquidity
The rise of strategic M&A (e.g., Stillfront, MTG, ADQ, e&, Redwood) and secondary transactions (Dream11, Byju’s) means exits no longer require 10-year waits. Our sector is no longer just about unicorn chasing — it’s about smart timing and global buyer access.
Strategic Value-Add
Unlike generalist funds, we bring:
Access to distribution and monetization networks via platforms like Adsolut Media, Brightcove, and media-tech ecosystems in India, UAE and the United States.
Strategic co-investment channels via our relationships with Impact46, Merak Capital, Lumikai, Courtside VC, and Dream Sports
Content-driven founder engagement via the Pressplay Podcast, Streaming Lab newsletters, and curated deal scouting from Mehtta Ventures
Direct board-level insights in scaled AdTech and streaming platforms, enabling faster scale-up support for our portfolio
Team Expansion
We’ve added heavyweight firepower to our team with the addition of Devang Mehta as Venture Partner:
Devang built Anthill Ventures' first SEBI-registered fund (MOIC 2.1x) and has three decades of experience across Silicon Valley and India
He's held key operational roles at Morningstar, QMetry, and eTouch, and scaled multiple tech ventures to successful exits
With deep domain knowledge in SaaS, analytics, and enterprise tech, Devang complements our media-tech DNA with operational rigor
Conclusion: Riding the Right Wave at the Right Time
We’re not just betting on a sector — we’re betting on a trend that's finally reached maturity in two of the fastest-growing startup regions in the world. With capital discipline, sectoral expertise, and early-stage entry, Pressplay Capital is built to ride the next wave of exits in the attention economy.
Let’s build the future of media, gaming, and monetization — one $500K check at a time.
Sources:
Wamda, TechCrunch, Sifted.eu, Omar Billeh, Inc42, YourStory, VC Circle, LinkedIn MENA reports, Medium.com, Nazara.com, The Fintech Times, TICE.News, Grapevine.in
📬 Subscribe to our newsletters for deep dives into the attention economy & media-tech:
Mehtta Ventures Dubai (Attention Economy) – Subscribe here
The Streaming Lab (Streaming Industry) – Subscribe here
🎙️ Follow our Pressplay Podcast for conversations with leading entrepreneurs (and VCs coming up) in the space:
Watch on YouTube – Pressplay Capital
Can a racing game built in Riyadh outshine global competitors? 🎮
🎙️ About This Episode — From Riyadh to the Racetrack
In this episode of the Pressplay Podcast, we sit down with Salman Al-Mutairi, the 25-year-old co-founder of NJD Games, one of Saudi Arabia’s most exciting indie gaming studios. With over 5 million+ downloads on their debut title KOH, NJD is now aiming to become MENA’s next breakout gaming success — starting with car racing simulations built for global players.
We explore:
What inspired NJD’s mission to “stay closest to the player”
Lessons from launching KOH, and how it shaped monetization and design in newer titles like Drift Toon and Hajwala Corsa
Why NJD believes motorsport games are underbuilt in MENA — and how they’re taking on global markets like Brazil and South Africa
Their evolving monetization playbook: ads, subscriptions, in-app purchases
Building a gaming company from Riyadh: talent, partnerships, and future vision
If you're a founder, investor, or gamer curious about how the next generation of Saudi studios is scaling from local to global — this one's for you.
🔗 Subscribe for more founder stories from the attention economy — gaming, streaming, media, ad tech, and more.
> PressPlay is where the attention economy meets real builders.
We’re excited for the future of media-tech and AI-driven streaming—and look forward to partnering with those who share our vision.
If you know of startup founders building in the “eyeball economy”, please go ahead and connect us. Let’s pay it forward together :-) 2025 it is!
Watch this space and subscribe / share with your friends.
While you wait for our next newsletter, I encourage you to check out our other newsletter / streaming consulting destination: The Streaming Lab where we cover streaming insights from MENA and India.
The “Mehtta Ventures Dubai investment digest” is a weekly newsletter exploring the trends that matter to startup founders and investment professionals in the Middle East & India. If you are not already a subscriber, sign up and join several others who receive it directly in their inbox every Monday.
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