Nazara Technologies, a provider of digital games and esports, secured a total of Rs 250 crore with support from ICICI Securities, Plutus Wealth Management, Zerodha’s co-founders-backed Kamath Associates & NKSquared, and others.
This infusion of fresh funds will be utilized to invest in funding requirements and growth objectives of the company including for making strategic acquisitions and general corporate purposes.
Nitish Mibersain, Founder & CEO of Nazara Technologies, expressed his enthusiasm, stating, “We are immensely grateful for the robust support from our esteemed investors, such as Nikhil Kamath, ICICI Prudential MF, and Plutus Wealth, who have substantially increased their investments in Nazara. This not only reinforces their belief in our strategic vision and direction but also significantly strengthens our financial standing. With our consolidated cash reserves now exceeding INR 1500 crores, Nazara is exceptionally well-positioned to pursue both organic growth and strategic acquisitions.”
According to documents filed with the National Stock Exchange, the board of Nazara Technologies has decided to issue 28,66,474 equity shares at an issue price of Rs 876.15 apiece to raise Rs 250 crore.
This successful fundraise represents a significant milestone for Nazara and concludes the planned fundraise of Rs. 750 crores that was announced earlier in FY24.
About Nazara Technologies Pvt. Ltd.
Nazara is India’s only listed gaming & esports company with majority ownership of several leading gaming & esports brands with a presence in India, the US, and other global markets. In e-sports, Nazara has India’s leading esports platform Nodwin; and Sportskeeda and Pro Football Network in the sports media space. Nazara’s offerings across the interactive gaming segment include gamified early learning ecosystems Kiddopia and Animal Jam which are global leaders in their respective segments