Nazara Technologies Invests $2.5 Mn In US Based Gaming Fund BITKRAFT Ventures

• ByStartupStory     |    April 7, 2022

On Tuesday, Nazara Pte. Ltd, a wholly-owned subsidiary of Nazara Technologies, announced its investment in Bitkraft Ventures, a gaming and Web3 investing platform based in the United States. Nazara, a company based in Mumbai, will invest $2.5 million in Bitkraft Ventures over three years. Bitkraft Ventures usually invests in gaming, Web 3, and blockchain ventures all over the world.

Nazara aims to get access to the global gaming ecosystem by establishing a network with limited partners (LPs) or sponsors in funds, as well as investee firms, through this transaction. Nazara said it hopes to use Bitkraft’s network to find possible partners or investors for the company and its subsidiaries, as well as to secure deal flow for future M&A.

Nazara previously bought a majority stake in Nodwin Gaming and Next Wave Multimedia, the companies that run the World Cricket Championship (WCC). It also backed OpenPlay and Absolute Sports, the companies behind Sportskeeda and Paper Boat Apps.

BITKRAFT Ventures is an investing platform founded by Jens Hilgers in 2017. It is largely concerned with gaming, Web3 technology, and immersive technology. According to the company’s website, it invests in game studios, gaming platforms, and gaming-related technology in Seed, Series A, and Series B fundraising rounds. Nazara intends to use the existing agreement to establish a network of limited partners (LPs) and investee firms in order to get access to the global gaming ecosystem.

Nazara Technologies also bought a 55 percent share in Datawrkz, a programmatic advertising and monetization business, in January this year, boosting its valuation to INR 225 Cr (about $30 Mn).

Nazara Technologies earned INR 185.8 crore in the third quarter of FY22, compared to INR 130.4 crore in the third quarter of FY21. The startup’s revenue has increased by 42% year over year (YoY). Furthermore, from Q3 FY20 to Q3 FY22, its earnings before EBITDA increased by 10% year on year, growing from INR 17.3 Cr to INR 30.2 Cr.

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