Mumbai, Dec 22 (UNI) DQ Entertainment Ltd, one of the leading Animation and Game art/FMV groups, has raised funds to the tune of 56 million dollar through its listing on the Alternative Investment Market (AIM), London Stock Exchange (LSE) on December 18.
According to a release issued here, the funds raised will be primarily used for DQ Entertainment's expansion of several production facilities in India; more sales and distribution network world-wide, direct and co-investment in IPR's global partnerships, immediate European acquisitions and joint ventures.
With its production facilities in Hyderabad, contracted production facility in Manila and its sales set-up in Paris, Los Angeles and Tokyo, DQE is the leading production house for all platforms of CGI (3D)/2D Traditional, 2D Digital/VFX, including TV series, feature films, direct to home videos (DTH). DQ Entertainment has aggressively added state-of-the-art facilities with large high- quality trained Human Resources production of Next - gen game art and Full Motion Video (FMV) for AAA games.
Commenting on the IPO listing, Mr Tapaas Chakravarti, CMD&CEO of DQ Entertainment Ltd said, ''DQ Entertainment's comprehensive international presence and partnership will have sizeable boost to its international profile with listing at AIM, LSE.
The global animation and gaming industry combined together is growing over 10 per cent Compound Annual Growth Rate (CAGR), while it is witnessing a paradigm shift in use of next-gen cration technologies to fulfill ever increasing creative needs, manage the cost increase well and deliver across all platforms of distribution, including digital platforms.'' The Indian Animation market forecasts to reach 869 million dollar while Global Animation market is expected to reach 80 billion dollar by 2010. The Indian gaming market forecasts to reach 424 million dollar and global market to 42 billion dollar by 2010 as per NASSCOM - 'A study on Animation and Gaming Industry in India' published in January 2007.