Nazara Technologies Limited revealed its plan to allocate Rs 830 crore for mergers and acquisitions over the next 24 months. Following a recent fundraise that garnered Rs 760 crore through preferential allotment, the company reported that it attracted investors like Nikhil Kamath, ICICI Prudential MF, and Plutus Wealth Management.
The company aims to identify emerging opportunities within gaming, esports, and ad tech sectors, specifically focusing on established gaming IPs/studios and technologies such as web3, Virtual Reality, and AI.
Nitish Mittersain, Joint MD & CEO of Nazara Technologies, said, “Nazara has witnessed significant success in its ‘acquire and scale’ strategy, evident in the post-acquisition growth of Kiddopia, Nodwin Gaming, and Sportskeeda, among others. Our decentralized model enables these businesses to operate autonomously under strong management, providing us with ample bandwidth to scale our platform.
The $100 million commitment will further bolster this endeavour, with a particular emphasis on investing in and acquiring gaming studios globally, targeting India’s 500 million gamers and the vast North American market.”
However, the shares were down by 4.36% to Rs 642.45 at noon on the BSE.