SUMMARY
- Nazara Technologies bags ₹900 Cr to fuel strategic acquisitions and business expansion.
- The company increased its stakes in Absolute Sports to 91%.
- CEO N Mittersain emphasizes fundraising importance and long-term growth vision in gaming and sports media.
Nazara Technologies Limited has announced its largest fundraising to date, securing ₹900 crores through a preferential equity issue, pending shareholder and regulatory approval. This significant capital infusion is set to drive strategic acquisitions, support business expansion, and unlock new growth opportunities.
The funding round includes investments from prominent entities such as SBI Mutual Fund, Junomoneta Finsol, Think Investments, Discovery Investments, and others. This financial boost will strengthen Nazara’s foundation for long-term growth and expansion.
Furthermore, Nazara has increased its stake in Absolute Sports Pvt. Ltd., which is the parent company of Sportskeeda, to 91% by acquiring an additional 19.35% stake for ₹145.5 crores. The acquisition, comprising 35% cash and the remainder in equity shares, solidifies Nazara’s leadership in the sports media sector.
Nitish Mittersain, CEO & Jt MD of Nazara Technologies, highlighted that the fundraising will accelerate growth across key segments and strengthen their position in sports media, aligning with Nazara’s vision of establishing a globally recognized gaming powerhouse.
In a recent LinkedIn post, CEO and Joint MD Mittersain stated, “We are grateful to have many of our existing investors, such as SBI Mutual Fund and Plutus Wealth Management LLP participate alongside new investors including Mithun Sacheti, Think Investments, and Discovery. Their confidence in Nazara during a time when financing has been challenging for gaming companies worldwide speaks volumes about the trust in our vision and growth. A side note to all startup founders – remember, a fundraiser is just the beginning, not the destination. The real work is in execution and creating value.”
Nitish Mittersain, the CEO and Joint Managing Director of the company founded Nazara Technologies in the year 2000. It is India’s only publicly listed gaming and esports company. It has evolved into a diversified player in the gaming and sports media landscape. Nazara operates across several segments, including interactive gaming, esports, and digital sports media.
