Plutus, Axana to acquire majority stake in Nazara as CCI clears deal

India’s antitrust regulator has cleared the acquisition of a controlling stake in Nazara Technologies by a consortium of investment firms led by Plutus Wealth Management LLP and Axana Estates LLP, paving the way for a broader shake-up in the gaming firm’s ownership.

The Competition Commission of India (CCI) on Monday approved the transaction, which involves Axana Estates LLP, Plutus Wealth Management LLP, and Junomoneta Finsol Private Limited acquiring a majority stake in Mumbai-based Nazara, a listed company operating across esports, real money gaming, and mobile content in India and overseas.

In January 2025, the company said it would raise Rs 495 crore through a preferential share issue to Axana Estates LLP, an entity backed by Arpit Khandelwal, Founder and Managing Partner at Plutus Wealth, and Mithun Sacheti, the founder of online jewellery platform CaratLane.

The equity infusion was priced at Rs 990 per share and will give Axana an estimated 5.4% stake in Nazara. The transaction, subject to shareholder and regulatory approvals, also triggered a mandatory open offer for an additional 26% stake under SEBI rules.

If the open offer is fully subscribed, the combined shareholding of the acquirers, persons acting in concert (PACs), and the existing promoter group—led by Vikash and Nitish Mittersain—is expected to rise to 61.5%.

Plutus Wealth has previously invested in Nazara and has gradually increased its stake in the company.

Nazara will continue to be led by its current promoters. Chairman Vikash Mittersain and CEO Nitish Mittersain will retain operational control, with the investment intended to fuel organic growth, strategic acquisitions, and entry into new markets.

Nazara Technologies has also acquired UK-based PC and console gaming publisher Curve Games in a deal worth Rs 247 crore.

The move aligns with the gaming giant’s efforts to bolster its global publishing capabilities. This acquisition will also unlock Nazara’s access to platforms, genres, and geographies in the global PC and console gaming segment. Curve’s expertise in the field is expected to accelerate Nazara’s ambitions to enable cross-platform IP development.