Nazara raises Rs 250 Cr from Zerodha-backed Kamath Associates, ICICI Securities

The funds will be used towards the company's funding and growth plans, said Nazara in a statement.

Nazara raises Rs 250 Cr from Zerodha-backed Kamath Associates, ICICI Securities

Thursday January 18, 2024,

2 min Read

The board of gaming firm Nazara Technologies has approved the company's move to raise Rs 250 crore via preferential share allotment.

The funds will be used towards the company's funding and growth plans, the company said in a statement. Kamath Associates, along with their NKSquared, has invested Rs 100 crore, while ICICI Securities pumped in Rs 65 crore. Plutus Wealth Management and Chartered Finance contributed Rs 50 crore and Rs 25 crore, respectively in the new tranche, as per the company's regulatory filing.

"With our consolidated cash reserves now exceeding INR 1500 crore, Nazara is exceptionally well-positioned to pursue both organic growth and strategic acquisitions," said Nitish ,Mittersain Joint Managing Director and CEO of Nazara.

In September 2023, the gaming firm raised Rs 100 crore from Nikhil and Nithin Kamath. The company has also been on acquistion spree following its fundraises, most recently it acquired a 10.77% stake in Kofluence.

It also invested approximately Rs 4.15 crore ($500,000) through its subsidiary, Nazara PTE Ltd, in Snax Games Ltd, an Israeli game developer, in August last year. Earlier in March, Nazara Technologies purchased Pro Football Network, a digital platform that tracks the National Football League in the US, for $1.82 million. This acquisition granted its subsidiary Absolute Sports a substantial 73.3% stake in the firm.

Later, in May, the company increased its majority stake in Chennai-based games maker Nextwave Multimedia from 52.38% to 71.88%.


Edited by Megha Reddy

Montage of TechSparks Mumbai Sponsors