Nazara Technologies announced a fundraise of Rs 315 crore from marquee institutional investors on Wednesday. The gaming and sports media platform brought in the money through the route of preferential allotment of fresh equity, says an official statement.
Nazara will use the newly obtained capital to finance the company’s expansion efforts as well as strategic acquisitions in a variety of industry verticals, including gamified learning, freemium, skill-based real-money gaming, and esports. To grow its “Friends of Nazara” ecosystem, the business has been in an acquisition frenzy recently.
“We are thankful to our investors for their strong endorsement of Nazara’s strategic vision and ability to execute towards its stated goals. The investment from such institutional investors will act as a catalyst for the Nazara flywheel to operate faster across all business segments and will result in compounding of the shareholder value organically and inorganically at the parent as well as at subsidiary levels,” Manish Agarwal, CEO, Nazara Technologies, said.
“The company will issue 1,429,266 equity shares of the face value of Rs 4 each for Rs 2,206 per equity share, including a premium of Rs 2,202 per equity share,” it said. As per SEBI ICDR Guidelines, the lock-in period for these shares is one year from the date of issue.
Nazara is an Indian gaming firm that actively works in India, also it is growing and developing across worldwide markets such as Africa and North America. The “Friends of Nazara” network of gaming firms in which Nazara owns a controlling share. Esports, Nodwin Gaming and Sportskeeda are among the firms, while NextWave Multimedia, the creator of the World Cricket Championship (WCC), and Paper Boat Apps, the creators of the popular gamified early learning app Kiddopia, are among the others.