Nazara Technologies, a leading digital gaming and esports company, has successfully raised INR 250 crore in its latest funding round, with prominent participation from Kamath Associates & NKSquared (backed by Zerodha’s co-founders), ICICI Securities, Plutus Wealth Management, and others. This funding round, constituting the third tranche of INR 750 crore announced in July 2023, marks a strategic move to bolster Nazara’s growth initiatives.
As part of this financing, Nazara’s board has passed a resolution to issue 28,66,474 equity shares at an issue price of INR 876.15 per share. Kamath Associates and NKSquared invested INR 100 crore, while ICICI Securities injected INR 65 crore. Additional contributions came from Plutus Wealth Management (INR 50 crore) and Chartered Finance (INR 25 crore), consolidating a diverse investor base.
As outlined in the company’s official filings, fresh capital infusion will empower Nazara Technologies to address its funding requirements and pursue ambitious growth objectives, including strategic acquisitions and investments in corporate entities. This move reflects the company’s commitment to staying at the forefront of the rapidly evolving digital gaming and esports landscape.
With this funding round’s successful conclusion, Zerodha co-founder Nikhil Kamath’s entities—Kamath Associates and NKSquared—now hold an increased stake of 3.93%. Conversely, Plutus Wealth Management commands a 6.63% stake in Nazara Technologies.
Nazara Technologies has effectively wrapped up its INR 750 crore fundraising plan initiated last year, with the first tranche witnessing a significant investment of INR 100 crore from the Kamath brothers, followed by a substantial injection of INR 410 crore from SBI Mutual Fund.
The positive financial trajectory for Nazara Technologies is further underscored by its stock performance, which is currently trading at INR 936 and recently reached a 52-week high of INR 989.4 on Monday. In Q2 FY24, the company reported a robust 16.83% growth in revenue from operations, amounting to INR 297.24 crore. The firm’s profits also registered a 7.86% increase, reaching INR 22.5 crore in the quarter ending September 2023.
Nazara Technologies continues to position itself as a critical player in the digital gaming and esports industry, leveraging strategic investments to drive innovation, expansion, and sustained success.
