Nazara Techologies to raise $42m through stock sale

Nazara Technologies said its board approved plans to raise INR 315.30 crores ($42 million) from marquee institutional investors through a share sale.

The Indian company will issue 1,429,266 equity shares at a price of Rs. 2,206 per share.

Nazara said the fresh funds will be utilized to invest in growth initiatives of the company as well as pursue strategic acquisitions in the various business verticals of the company including gamified learning, freemium, skill based real money gaming and esports as the company continues 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,” said CEO, Manish Agarwal, “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.”

The “Friends of Nazara” network comprises of established gaming companies in which Nazara holds majority stakes and works actively with existing founders and management teams to rapidly achieve scale. These companies include Nodwin Gaming and Sportskeeda in esports, Next Wave Multimedia (developer of World Cricket Championship (WCC), the largest mobile-based cricket simulation game), Paper Boat Apps (developers of popular gamified early learning app Kiddopia) and Halaplay and Openplay in the skill-based real money gaming vertical.