Absolute Sports to receive a funding of Rs 20.10 crore from Nazara Technologies

• ByStartupStory     |    June 20, 2022

The Board of Directors of Nazara Technologies Limited approved in principle a further strategic investment in Absolute Sports Private Limited (“Absolute”), a material subsidiary of the Company, for an amount not exceeding Rs 20.10 Crore through a secondary purchase of Absolute’s equity shares from Porush Jain, the promoter of Absolute. The planned investment will strengthen the company’s position in a rapidly developing and lucrative subsidiary.

 The aforementioned investment in Absolute is subject to final documents being negotiated and agreed upon, as well as the fulfilment of certain requirements and, if necessary, the acquisition of corporate and regulatory clearances. The board also approved a subscription to Optionally Convertible Debentures, payable in cash, in one or more tranches, in Brandscale Innovations Private Limited for an amount not exceeding Rs 10 Crores (“Brandscale Innovations”). 

Brandscale Innovations is now functioning incredibly well, and the Company is undertaking the aforementioned suggested investment in order to drive its growth even further. This will strengthen Nazara’s Group’s position in Brandscale Innovations. 

Nazara Technologies creates games, themes, wallpapers, and multimedia for mobile devices. With headquarters in India and offices in Dubai, London, Africa, and Singapore, it is a well-established mobile content platform provider and games publisher. Nazara is a powerful team of 250 employees situated in India and Dubai, backed by Westbridge Capital, India’s largest Venture Capital firm.

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