Rakesh Jhunjhunwala-backed Nazara Tech is now a major gaming firm

• ByStartupStory     |    August 15, 2022

As Indian game makers seek to extend their worldwide footprint, shares of Rakesh Jhunjhunwala-backed online gaming business Nazara Technologies rose 20% after the company announced a 22% increase in net profit for June quarter of this year. Jhunjhunwala, who saw the potential of online gaming in India while it was still in its infancy, held 10.03 percent or 65.88 lakh shares in Nazara Technologies, which has become the country’s largest e-sports firm through partnerships with worldwide e-sports platforms, game publishers, and marketers.

Nazara is diverse gaming and sports media platform having a presence in India as well as developing and developed global markets such as Africa & North America delivering offerings in interactive gaming, e-sports, and gamified early learning environments. World Cricket Championship, Kiddopia in gamified early education, NODWIN and Sportskeeda in esports & esports media, and Halaplay, Qunami, and OpenPlay in skill-based, fantasy, and trivia games are among the company’s most well-known products.

The firm is well recognized for the Chhota Bheem and Motu Patlu series of games. Nazara Tech’s consolidated net profit increased to Rs 16.5 crore in the June quarter, up from Rs 13.5 crore in the previous fiscal’s equivalent quarter. According to its CEO, Manish Agarwal, the company’s multi-pronged strategy to capture opportunities has been successful, and “we are on track to meet our goal growth projections for FY23.”

“We have also seen unit economics for the Gamified Early Learning business stabilize,” he added. Nazara Tech confirmed a $2.5 million investment in the US-based game fund BITKRAFT Ventures in April. BITKRAFT Ventures is a global leader in investing in gaming and Web3 / blockchain companies. Nazara is currently attempting to establish a network to obtain access to the worldwide gaming industry. It has bought several businesses in recent years.

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