Merger and Acquisation

Nazara Technologies Acquires Sachin Tendulkar-Backed Smaaash for ₹126 Crore

• ByStartupStory     |    June 9, 2025

Mumbai-based gaming major Nazara Technologies Ltd, led by Nitish Mittersain, has completed the acquisition of Smaaash Entertainment Pvt. Ltd.—a location-based entertainment company backed by cricket legend Sachin Tendulkar—for ₹126 crore. The acquisition, announced on June 6, was carried out as part of a court-approved resolution plan under the Insolvency and Bankruptcy Code (IBC), making Smaaash a wholly owned subsidiary of Nazara.

As per the terms of the deal, Nazara has infused ₹10 crore in equity by subscribing to 1 crore shares at ₹10 each, and extended an unsecured inter-corporate loan of ₹116 crore to settle creditor dues. The National Company Law Tribunal (NCLT), Mumbai Bench, approved the resolution plan in May 2025.

The transaction grants Nazara complete ownership of Smaaash’s location-based entertainment assets, aligning with the company’s strategy to expand its gaming ecosystem across digital and physical experiences. The ₹116 crore loan also comes with an option to be converted into equity under specific terms, giving Nazara flexibility in future structuring.

Founded in 2012 by Shripal Morakhia, Smaaash became a prominent name in India’s urban entertainment scene, blending virtual reality, interactive sports like cricket simulators and bowling, go-karting, and dining into immersive centers. At its peak, the company operated 11+ centers across India and was backed by marquee investors such as Sachin Tendulkar, Blume Ventures, Matrix Partners India, and Kalaari Capital.

However, the pandemic-induced disruptions and a debt burden of over ₹400 crore led to financial stress. In May 2022, Smaaash entered insolvency proceedings after defaulting on loans, including dues to Edelweiss Asset Reconstruction Company. Total claims from creditors, including Yes Bank and SIDBI, amounted to ₹426.3 crore.

In FY24, Smaaash reported revenues of ₹112.34 crore. Nazara clarified that the acquisition is not a related party transaction and was conducted at arm’s length.

This acquisition signifies Nazara’s strategic shift to diversify into location-based entertainment, complementing its digital-first gaming portfolio and strengthening its position as a holistic gaming and entertainment brand.

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