Nazara Technologies Board Approves INR 250 Crore Funding through Preferential Share Allotment
Mumbai, [Current Date] – The board of Nazara Technologies, a prominent gaming firm, has given its nod to a strategic move to raise INR 250 crores via preferential share allotment. The company outlined its intent to utilize the proceeds to fuel its ambitious funding and growth initiatives, as disclosed in an official statement.
The investment landscape includes significant contributions from various entities, demonstrating confidence in Nazara’s vision. Kamath Associates, in collaboration with NKSquared, leads the funding with a substantial investment of INR 100 crores. Concurrently, ICICI Securities has injected INR 65 crores into Nazara’s expansion plans. Additional funding sources include Plutus Wealth Management and Chartered Finance, contributing INR 50 crores and INR 25 crores, respectively, according to the company’s regulatory filing.
Nitish Mittersain, Joint Managing Director, and CEO of Nazara, expressed optimism about the company’s financial standing, stating, “With our consolidated cash reserves now exceeding INR 1500 crores, Nazara is exceptionally well-positioned to pursue both organic growth and strategic acquisitions.”
This latest funding round follows Nazara’s earlier success in securing INR 100 crores in September 2023 from investors Nikhil and Nithin Kamath. Notably, the company has actively pursued an acquisition strategy, with the most recent being the acquisition of a 10.77% stake in Kofluence.
In August of the previous year, Nazara Technologies, through its subsidiary Nazara PTE Ltd, invested approximately INR 4.15 crores ($500,000) in Snax Games Ltd, an Israeli game developer. The company’s acquisition spree continued in March, with the purchase of Pro Football Network, a digital platform tracking the National Football League (NFL) in the United States, for $1.82 million. This acquisition conferred a substantial 73.3% stake in Pro Football Network to Nazara’s subsidiary, Absolute Sports. Further solidifying its presence in the gaming industry, Nazara increased its majority stake in Chennai-based games maker Nextwave Multimedia from 52.38% to 71.88% in May.
Nazara’s strategic moves and financial fortitude signal a bullish approach, positioning the company as a major player in the dynamic and evolving gaming sector. The latest funding infusion is expected to propel Nazara Technologies towards realizing its ambitious growth objectives and strategic milestones.
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