India’s leading mobile gaming company Nazara Technologies is looking to acquire a number of companies, particularly in the real money gaming space, as the company gears up for its IPO early next year, as reported by Economic Times.
According to the report, Nazara Technologies has been in late-stage discussions with at least four companies for acquisition, across India and Africa. Africa has emerged as an important market for Nazara, the acquisitions will further boost Nazara’s footprint across the continent.
The reports have not been confirmed by Nazara Technologies, as of now.
Nazara is looking to go public in February next year and is expecting to raise more than ₹1,000 crores in the issue. It has earmarked ₹50-75 crores for the buyouts, that would close by the end of October this year.
The mobile gaming company has been actively acquiring and investing in the Indian gaming industry, looking to strengthen its position in the country, as the Indian gaming industry grows.
Earlier this year in August, Nazara picked up 10% stake in offline gaming VR Startups InstaSportz, with a view to entering the offline VR gaming space, in order to provide interactive entertainment via VR lounges in tier 1 and tier 2 cities across India.
In January 2018, Nazara had acquired a majority 55% stake in Indian gaming company NODWIN gaming.
Founded by Nitish Mittersain, Nazara Technologies is involved in providing an enhanced mobile gaming experience to its users across emerging markets like India, Middle East, Africa, South East Asia and Latin America.
In February 2018, Nazara Technologies raised ₹26 crores in funding from Turtle Entertainment, according to Crunchbase.
The gaming company also counts Rakesh Jhunjhunwala, IIFL, Sequoia Capital, and private equity firm WestBridge Capital among its list of institutional backers.
According to Google KPMG report in May 2017, Indian online gaming industry is expected to reach $1 billion by 2021 from the current $360 million. With constant innovations in the offline gaming world through VR and AR, the number of opportunities in the gaming space keeps on growing.