Nazara Technologies, a leading gaming and sports media company in India, has raised Rs 900 crore in its biggest fundraise yet. This capital will be used to boost its growth and fund strategic acquisitions. The company’s board has approved a preferential equity issue, which still requires approval from shareholders and regulatory bodies. This move will help Nazara expand its business and seize new opportunities in the fast-growing gaming and sports media market.
Major Investors and Capital Expansion
Nazara’s Rs 900 crore fundraise has attracted several high-profile investors, including SBI Mutual Fund, Junomoneta Finsol, Think Investments, and Discovery Investments. Other investors include Mithun and Siddharth Sacheti, Cohesion Investments, and Chartered Finance and Leasing, among others. This financial backing will allow Nazara to strengthen its business and expand its presence in the gaming and media sectors. The raised funds will follow the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018 and will be subject to lock-in requirements.
Increased Stake in Sportskeeda
Nazara has also increased its stake in Absolute Sports, the parent company of Sportskeeda, by acquiring an additional 19.35% for Rs 145.5 crore. With this acquisition, Nazara now owns 91% of Absolute Sports, reinforcing its leadership in the sports media landscape. Sportskeeda is a major sports platform with millions of users in India and the US. Recently, Absolute Sports has expanded by acquiring Pro Football Network (PFN), Soap Central, and Deltia’s Gaming, further strengthening its portfolio in sports and entertainment.
Nazara’s Future Growth
Nitish Mittersain, CEO and MD of Nazara Technologies, expressed gratitude to both new and existing investors for their support. He noted the importance of this funding in growing Nazara’s business at a time when financing has been challenging for gaming companies worldwide. Mittersain highlighted Nazara’s long-term vision of becoming India’s first globally respected gaming powerhouse. He emphasized that this capital raise and the increased stake in Sportskeeda will accelerate growth and strengthen Nazara’s position in the sports media industry.
With its recent fundraise and increased stake in Sportskeeda, Nazara Technologies is well-positioned to continue its expansion in gaming and sports media. The company’s strategic acquisitions and robust investor backing reflect its commitment to becoming a leader in the industry.
