Reliance Industries shares trade lower after company arm RISE Worldwide and BLAST form JV

Shares of Reliance Industries edged lower on Wednesday, April 2, after its wholly owned subsidiary RISE Worldwide announced that it has entered into a strategic partnership with BLAST Esports to form a joint venture (JV) to launch an esports business in India, a joint statement said on Wednesday, April 2.

Reliance’s RISE Worldwide and BLAST will work together to build market-leading Intellectual Properties (IPs) in the country and unveil BLAST’s global IPs to the Indian market for fans, players and brands, the statement noted.

At 12:23 pm, Reliance Industries shares were trading 0.12% down at ₹1,251.05 apiece on the NSE.

Commenting on the development, Robbie Douek, CEO of BLAST, said, "By partnering with Reliance, a market leader with unparalleled expertise and reach in India, we have a unique opportunity to elevate the local esports scene to new heights."

BLAST, which is a wholly-owned subsidiary of Denmark-based BLAST ApS, is one of the world’s biggest tournament organisers. The company works with the biggest game publishers in the world including Epic Games, Valve, Riot Games, KRAFTON, and Ubisoft, to create and market esports for popular titles in Rocket League, Fortnite, Rainbow Six, PUBG, Dota 2 and Counter-Strike 2—with a combined active monthly player base of 350+ million, the statement stated. The partnership is aimed at attracting top-tier titles and events to the country in the future.

"With this JV, Reliance will extend its interest in sports into esports and leverage RISE's ability to market and promote sporting events and teams, along with Jio providing its distribution and technology expertise," said Devang Bhimjyani, Head of Reliance Sports.

Esports in the Indian gaming market

Esports, or electronic sports, include multiplayer video games played competitively. India has the fastest-growing gaming market in the world with a user base of over ~600 million (18% of the total gamer base globally). The global esports market is expected to grow to $16.7 billion by 2033, rising at a CAGR (Compound Annual Growth Rate) of ~22% from $2.8 billion in 2024. The gaming industry is expected to grow at a CAGR of ~19% to touch $9.2 billion by 2029 from $3.8 billion in 2024, the release said, adding that the Indian government has officially recognised esports by categorising it under "multi-sports event".

"The strategic partnership will help to accelerate this growth by bringing BLAST’s globally recognised esports properties and production techniques to India while co-creating new tournament IPs tailored to the fast-growing gaming market," the statement said.

BLAST works with the best game publishers and brands in the world, and its events are poised to generate 2 billion views in 2025, reach global audiences in more than 150 territories and broadcast in over 30 languages. Moreover, Billionaire Mukesh Ambani-led Reliance Industries is India’s largest private-sector company with a consolidated revenue of nearly $120 billion. It has operations in hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables, retail and digital services.

The new JV will bring together BLAST’s esports media production expertise, publisher relationships, wide suite of highly popular IPs, and Jio’s technology expertise, unparalleled distribution reach, and local relationships to host these events on the JioGames platform for sustainable growth and innovation in the industry, the statement said.