Nazara Tech Bolsters Growth with Record-Breaking Fundraise of ₹900 Crore

On September 18, 2024, Nazara Technologies Limited, a leading Indian gaming and sports media company, announced a significant milestone with its largest-ever fundraise. The company has secured ₹900 crores through a preferential equity issue, subject to shareholder and regulatory approvals.

This substantial capital injection will fuel strategic acquisitions, expand business operations, and position Nazara to capitalise on emerging growth opportunities. The preferential equity issue will be subscribed by prominent investors, including SBI Mutual Fund, Junomoneta Finsol, Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments, and Aamara Capital, further strengthening Nazara’s financial foundation for long-term expansion.

Additional Stake in Absolute Sports

In a related development, Nazara has acquired an additional 19.35% stake in Absolute Sports Pvt. Ltd., the parent company of Sportskeeda, for ₹145.5 crores. With this acquisition, Nazara now holds a controlling 91% ownership in Absolute Sports, reinforcing its leadership position in the sports media sector.

Sportskeeda, Absolute Sports’ flagship brand, has a massive global reach, engaging millions of sports enthusiasts each month. The platform enjoys significant popularity in India and the United States, where it ranks among the top sports media destinations. Absolute Sports has further diversified its portfolio through recent acquisitions of Pro Football Network, SoapCentral, and Deltia’s Gaming.

Nitish Mittersain, CEO & Jt MD of Nazara Technologies remarked “Nazara has demonstrated its ability to attract top-tier investors who believe in our long-term vision of establishing India’s first globally respected gaming powerhouse. This INR 900 crore fundraise will be instrumental in accelerating our growth across key segments. Additionally, increasing our stake to 91% in Absolute Sports (Sportskeeda) reinforces our leadership in the sports media landscape. The growth of Absolute Sports, from its early days as a startup to becoming a global media player, underscores our commitment to supporting innovative teams that consistently deliver transformational growth.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.