Nikhil Kamath Plans to Raise Stake in Nazara Technologies

• ByStartupStory     |    September 1, 2023

Reports from CNBC TV18 indicate that Nikhil Kamath, co-founder of Zerodha, intends to increase his stake in mobile games publisher Nazara Technologies. Kamath, already holding approximately 1% stake in the company, aims to boost it to 3.5%, according to sources cited by CNBC-TV18. Nazara Technologies is scheduled to hold a shareholders’ meeting on September 4, during which the board will discuss the potential issuance of equity shares on a preferential basis to raise funds.

Back in July, the board of directors had approved Nazara’s plan to raise Rs 750 crore through the issuance of equity shares and other equity-linked instruments. In the previous month, Nazara invested around Rs 4.15 crore ($500,000) through its subsidiary, Nazara PTE Ltd, in Snax Games Ltd, an Israeli game developer. This strategic partnership granted Nazara exclusive publishing rights for Snax Games’ titles in the Indian subcontinent and the Middle East for a five-year duration.

In March of this year, Nazara acquired Pro Football Network, a digital platform dedicated to tracking the National Football League (NFL) in the US, for $1.82 million. This acquisition gave its subsidiary, Absolute Sports, a significant 73.3% ownership in the company. Subsequently, in May, Nazara further increased its majority stake in mobile games developer Nextwave Multimedia, raising its ownership from 52.38% to 71.88%. As of the time of writing this article, Nazara Tech’s share price was at Rs 778.50, marking nearly a 50% increase over the past six months.

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