Nazara Technologies to Allocate $100 Million for Global Expansion Initiatives

• ByStartupStory     |    March 14, 2024

Nazara Technologies announced a $100 million allocation for mergers and acquisitions in the next 24 months to bolster its global presence in gaming and sports media. The Mumbai-based company aims to tap into opportunities in gaming, esports, and adtech, with a focus on gaming IPs, studios, and emerging technologies like web3, virtual reality, and artificial intelligence.

“Nazara has seen significant success in its ‘acquire and scale’ strategy over the last few years,” stated Nitish Mittersain, Joint Managing Director and CEO of Nazara Technologies. “Our unique decentralised model allows these businesses to operate autonomously by strong management and provides us with significant bandwidth to scale the platform we have created.”

He further added, “The $100 million pledge will further boost this opportunity for us in that direction. We are particularly focused on investing in and acquiring gaming studios globally with a specific focus on India’s 500 million gamers as well as the large North American market.”

In the past, Nazara raised significant funds, including $90 million from Zerodha-backed Kamath Associates and ICICI Securities, and $12 million from Nikhil and Nithin Kamath in September 2023. The company has been actively acquiring stakes in various platforms, such as influencer platform Kofluence.

Nazara’s revenue from operations in the quarter ended September 2023 saw a 12.7% increase compared to the previous year, totaling Rs 297.24 crore. The company’s revenue for the first half of FY24 amounted to Rs 551.7 crore.

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