Nazara Technologies Ltd, a gaming and sports media company, on Wednesday announced that it is raising about $107 million (Rs 900 crore) in fresh funding by way of preferential issue of shares.
Investors in the round include SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments, and Aamara Capital, the company said in a statement.
The fresh capital infusion will fuel strategic acquisitions, fund business expansion, and enhance the company’s ability to seize new growth opportunities, the statement added.
In a parallel development, Nazara has also acquired an additional 19.35% stake in Absolute Sports Pvt Ltd, the parent company of Sportskeeda, for Rs 145.5 crore, with 50% of the consideration paid in cash and the remaining amount in stock.
With this, Nazara now holds a 91% ownership stake in Absolute Sports, solidifying its leadership position in the sports media domain.
“This Rs 900-crore fundraise will be instrumental in accelerating our growth across key segments. Additionally, increasing our stake to 91% in Absolute Sports (Sportskeeda) reinforces our leadership in the sports media landscape. The growth of Absolute Sports, from its early days as a startup to becoming a global media player, underscores our commitment to supporting innovative teams that consistently deliver transformational growth,” said Nitish Mittersain, CEO & joint MD of Nazara Technologies Ltd.
Nazara is a listed gaming and eSports company, with majority ownership of several leading gaming and esports brands with presence in India, the US, and other global markets. Its offerings in the interactive gaming segment include gamified early learning ecosystems like Kiddopia and Animal Jam, an IP-based gaming studio Fusebox, cricket simulation franchise, World Cricket Championship (WCC), and a wide portfolio of casual games distributed through telco partnerships in many emerging markets.
