With the fresh infusion of funds, the company will invest in growth initiatives as well as pursue strategic acquisitions
Nazara Technologies on Wednesday announced it has raised Rs 315 crore from marquee institutional investors. The gaming and sports media platform has raised the funds via preferential allotment of fresh equity, as per an official statement. With the fresh infusion of funds, Nazara will invest in growth initiatives of the company as well as pursue strategic acquisitions in the various business verticals including gamified learning, freemium, skill based real money gaming and esports. The company has been on an acquisition spree lately to expand its “Friends of Nazara” ecosystem.
“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 parent as well as at subsidiary levels,” Manish Agarwal, CEO, Nazara Technologies, said.
The company will issue 1,429,266 equity shares of face value of Rs 4 each at a price of Rs 2,206 per equity share, including a premium of Rs 2,202 per equity share, it said. As per SEBI ICDR Guidelines, these shares will be locked in for a period of one year from the date of issue.
The Indian gaming startup Nazara currently has its presence in India and across emerging and developed global markets such as Africa and North America. The “Friends of Nazara” network comprises established gaming companies in which Nazara holds majority stakes. These companies include Nodwin Gaming and Sportskeeda in Esports NextWave Multimedia, developer of World Cricket Championship (WCC), and Paper Boat Apps, developers of popular gamified early learning app Kiddopia.