Sachin Tendulkar and Adar Poonawalla-Backed JetSynthesys Eyeing Exit from Skyesports?
The esports world is rife with speculations about Sachin Tendulkar and Adar Poonawalla-supported JetSynthesys possibly exiting from Jet Skyesports. Holding a significant 65% stake in the gaming company, JetSynthesys has come under the spotlight recently due to allegations of financial irregularities.
Skyesports Under Fire
Since the acquisition of Skyesports by JetSynthesys in August 2021, the company has aimed to develop esports from the grassroots level in India. Rebranding it as Jet Skyesports, they planned to extend their reach across South Asia, build intellectual properties, and bolster their team. However, these ambitions took a hit when accusations of payment defaults emerged.
A senior industry insider commented, “Nodwin and Skyesports both organize tournaments and build intellectual properties. The situation is not just about potential conflicts of interest for JetSynthesys but also involves certain financial irregularities that have tainted Skyesports’ reputation in the esports community.”
The industry leader added, “JetSynthesys acquired Skyesports to promote grassroots esports, but their efforts have been half-hearted.”
Controversies and Clarifications
Controversy spiked after Skyesports organized India’s first franchise-based Esports League, Skyesports Masters, in 2023. There, eight teams competed for a prize pool of ₹2 crore. However, the event was marred by claims that Skyesports did not secure permissions from Counter-Strike 2 publisher, Valve, to host a franchise-based tournament.
“These allegations aren’t true,” said Shiva Nandy, Founder and CEO of Skyesports, addressing the financial disputes, “We didn’t default on payments to teams after the Skyesports Masters. One team’s complications led to a refund to the source account, which has now been resolved and payments will be completed.”
“Moreover, we had the necessary tournament license from Valve to host Skyesports Masters 2023,” Nandy emphasized, dismissing further claims as categorically false. Through strict adherence to Valve’s guidelines, Skyesports has successfully hosted multiple tournaments, including the $350,000 Skyesports Masters 2024 and Skyesports Grand Slam 2024 in Pune.
Nandy elaborated on the format changes for 2024, mentioning that the Skyesports Masters did not use a franchise model due to Valve’s new guidelines effective from 2025. “We adopted this format to strengthen our position for future global events,” he stated.
Is an Exit on the Horizon?
The swirling rumors of JetSynthesys’ exit were somewhat diffused when Girish Menon, Chief Strategy Officer of JetSynthesys, spoke up. “JetSynthesys remains steadfast in its commitment to building India’s grassroots esports ecosystem through Skyesports,” Menon said, praising the efforts led by Shiva Nandy and his team. He reiterated JetSynthesys’ role as a foundational partner in Indian esports, with a 50% equity stake in Nodwin Gaming.
“We have always believed in the potential of Indian esports and led from the front. The future will see India making a significant mark globally in esports driven by the dynamic Gen Z,” added Menon.
Moving Forward
Despite allegations and rumors, Skyesports and JetSynthesys appear to be focusing on clearing the air and reinforcing their commitment to grassroots esports development. They aim to dismiss the allegations and continue fostering talent and organizing tournaments that resonate on a global scale.
At this juncture, the esports community waits with bated breath for the official confirmations or reactions from Tendulkar and Poonawalla. The landscape of Indian esports is witnessing rapid changes, and this latest development will shape its future trajectory.
Mehek