Nazara Technologies, a gaming and media company, announced on Thursday that it is raising Rs 410 crore from SBI Mutual Fund.
Three days prior, on September 4, it received Rs 100 crore from the co-founder of Zerodha Nikhil Kamath.
The company’s board of directors approved the granting of 5.7 million equity shares to SBI Mutual Fund for 714 per share. The money will be invested through SBI Mutual Fund’s SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund, three different mutual fund programs.
“Making India the gaming nation of the world has been a long-pursued dream for all of us at Nazara. India’s largest domestic mutual fund investing in Nazara is an important milestone for us in this two-decade-long journey. We are very excited to welcome SBI Mutual Fund as our investor,” said Nazara’s chief executive Nitish Mittersain, in a statement.
At a price of INR 714 per share, the business intends to issue 14,00,560 equity shares with a face value of INR 4 each. According to the gaming company, the shares would be distributed proportionally to M/s Kamath Associates and M/s NKSquared, a partnership firm led by partners Nikhil and Nithin Kamath, as per reported by The Economic Times.
With operations in India, Africa, and North America, Nazara is a top-tier, diverse gaming and sports media platform. Offerings from the company span the interactive gaming, eSports, ad-tech, and gamified early learning ecosystems. These include World Cricket Championship (WCC), CarromClash, and Kiddopia in mobile games, Nodwin, PublishMe, and Sportskeeda in eSports and eSports media, OpenPlay, Halaplay, and Qunami in skill-based, fantasy, and trivia games, and Datawrkz in digital ad tech.