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Story of Rovio Entertainment, Makers of Angry Birds Franchise

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If you are a smartphone user, chances are you have seen or played the hit game Angry Birds at least once.  The game became a phenomenon due to its fun gameplay featuring ‘angry’ birds with powers and pigs which try to steal the eggs of the birds.  However, the creators of the game, Rovio Entertainment, almost went bankrupt before coming up with the idea of Angry Birds.  While Rovio Entertainment may look like an overnight success story, in reality, it really was not.

Beginnings

Rovio Entertainment was founded by three Finnish students, Niklas Hed, Jarno Väkeväinen and Kim Dikert, belonging to the Helsinki University of Technology, after they won a mobile game development competition sponsored by Nokia and Hewlett-Packard in 2003.  Rovio was initially named Relude. Later, the name was changed to Rovio in 2005 before finally becoming Rovio Entertainment in 2011.

Rovio Entertainment was focussed on making games which targeted niche audiences and concepts like science fiction and horror.  They released 51 games to not a lot of success and realised they would go bankrupt if they continued on the same path.

Development of Angry Birds

When the first iPhone was announced in 2007, the entire smartphone industry was disrupted, leading to the development of new ecosystems.  Mikael Hed, the Chief Executive Officer (CEO) of Rovio Entertainment, saw an opportunity to create a game which echoed with the millennial mindset and attention spans.  He wanted to come up with a game which was easy to load, simple to play without any tutorial and could be played at any time.

While the team of Rovio Entertainment was experimenting with different concepts, one designer pitched a concept art showing a group of birds which were cross for no reason and the design stuck.  The game was developed around these ‘angry birds’ by creating a storyline and antagonists. For the antagonists, the developers settled on pigs because of the swine flu epidemic which was in the news at the time.  Angry Birds was the fifty second game to be developed by Rovio Entertainment and was developed at a cost exceeding 100,000 euros.

Capturing the market

The developers realised they could not compete on the Apple App Store in the United States of America and the United Kingdom, which hold the largest market share with other games, as the response to Angry Birds was lukewarm.  Therefore, the developers released the game in smaller markets like Finland, Sweden and Denmark before capturing Greece and the Czech Republic.  The larger markets began to take note and the App Store in the United Kingdom finally put it on its featured games list, thereby catapulting the game into limelight and making it the number 1 game on the U.K. and the U.S.A. App Stores.  Angry Birds reached its one billionth download in 2012 and two billionth download in 2014.

Rovio Entertainment showed what it means not to give up and stick to an idea if it is endearing.  The success of Angry Birds is a testimony to the perseverance of the studio behind it.  Angry Birds successfully spawned a franchise, with multiple games on offer, merchandise and Hollywood movies to its name.

Read about the story of Electronic Arts here : The Story of Video Gaming Company Electronic Arts (EA)

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Funding

Info Edge Delivers 36% Returns on Startup Investments

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Infoedge

Info Edge, the parent of Naukri.com, has achieved a 36% gross internal rate of return (IRR) on its startup investments since 2007, turning a total investment of INR 3,959 crore across 111 startups into a portfolio now valued at INR 36,855 crore-a nearly 9X gain. Early bets on Zomato and Policybazaar have been especially lucrative, with holdings in these two companies alone worth INR 31,500 crore as of March 2025.

The company’s investment strategy spans multiple vehicles, including the SEBI-registered Info Edge Venture Fund (IEVF), Info Edge Capital, and Capital 2B, with a combined fund corpus of INR 3,423 crore and Info Edge committing INR 1,614 crore. Early-stage investments now contribute 30-40% of the company’s overall value.

Info Edge’s Alternative Investment Fund (AIF) investments have yielded an IRR of 18.7%. Many portfolio companies, such as TrueMeds, Geniemode, Attentive.ai, and InPrime, have attracted follow-on funding from major investors like Accel, Peak XV Partners, and Tiger Global. Notably, BlueStone, the largest investment of Info Edge Capital, has filed for an IPO after securing investments from Prosus, Peak XV, and Steadview Capital.

Founder Sanjeev Bikhchandani emphasized the company’s focus on strong governance and financial controls, with a preference for value realization through public listings or strategic exits.

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Entrepreneur Stories

PixelSky Capital Unveils INR 400 Crore Secondaries Fund

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Startup Stories

Bengaluru-based investment bank IndigoEdge, in partnership with entrepreneur Hitesh Ahuja, has launched PixelSky Capital, a secondaries fund targeting INR 400 crore. The fund will invest in eight late-stage tech and consumer companies expected to go public within three to four years, with cheque sizes of INR 40–50 crore each. PixelSky has already invested in beauty retailer Purplle and aims to close a second deal by June 2025.

 

The fund focuses on secondary transactions, allowing existing shareholders to sell stakes to new investors, providing liquidity ahead of IPOs. Founders have committed INR 10–15 crore, with additional capital coming from domestic family offices and startup founders. Final close is expected by March 2026.

 

Led by Hitesh Ahuja, who sold his foodtech startup Yumlane in 2023, and IndigoEdge cofounder Zerin Rahiman, PixelSky marks IndigoEdge’s expansion from advisory and proprietary investments into fund management. The firm has facilitated over 150 transactions worth around $3 billion and invested INR 25–30 crore as a limited partner in multiple VC funds. PixelSky is currently evaluating about 20 companies before finalizing its portfolio

 

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Meta’s Upcoming AR Glasses: A Sneak Peek

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Meta is developing its first true AR glasses, set to launch in 2027. Before the public release, employees will test the device starting in 2024. The company is also releasing new generations of Ray-Ban smart glasses in 2023 and 2025 with enhanced features like a “viewfinder” display.

Specifications and Features

The AR glasses are expected to feature OLED displays and Qualcomm Snapdragon chipsets, offering sophisticated AR and AI capabilities. They will enable users to interact with virtual objects and project high-quality holograms of avatars onto the real world.

Design and Competition

Meta aims for a sleek design, potentially building on its Ray-Ban partnerships. The AR glasses market is competitive, with Apple and Google also investing heavily. Meta seeks to make its AR glasses a game-changer by offering a unique user experience.

Future Plans

In addition to AR glasses, Meta is expanding its VR offerings with new headsets like the Quest 3 and exploring other wearable technologies. The company is focused on reducing costs to make the AR glasses more consumer-friendly by launch.

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