In a strategic move that solidifies its position as a dominant force in the gaming and sports media industry, Nazara Technologies has announced a successful capital infusion of ₹900 crore. This significant funding boost will fuel the company’s ambitious growth plans and drive innovation across its diverse portfolio.
One of the key outcomes of this fundraising is Nazara’s increased stake in Sportskeeda, a leading digital sports media platform. By acquiring a controlling interest of 91%, Nazara has cemented its foothold in the sports content arena, positioning itself to capitalize on the growing demand for sports-related news and entertainment.
The infusion of fresh capital will enable Nazara to pursue strategic acquisitions, expand its operations, and invest in cutting-edge technology. This strategic approach is expected to enhance the company’s ability to cater to the evolving needs of its diverse customer base.
Commenting on the occasion, Nitish Mittersain, CEO & Jt MD of Nazara Technologies Limited, said, “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 fundraising 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.
In a parallel development, Nazara also acquired an additional 19.35% stake in Absolute Sports Pvt. Ltd., the parent company of Sportskeeda, for ₹145.5 crore. With this, Nazara holds a 91% ownership stake in Absolute Sports, solidifying its leadership position in the sports media domain.
Nazara Technologies is a leading Indian gaming and sports media company with a diverse portfolio of games catering to a wide range of audiences. The company has a strong focus on the mobile gaming market and has developed several successful games, both internally and through strategic acquisitions. Recently, Nazara Dubai FZ, a wholly-owned subsidiary of Nazara Technologies, acquired a 15.86% stake in GetStan Technologies Pte. Ltd (STAN) through an all-cash secondary transaction valued at approximately INR 18.4 crores (US$2.2 million).
Sportskeeda is a popular online sports news platform that provides comprehensive coverage of various sports events and leagues worldwide. Known for its engaging articles, in-depth analysis, and timely updates, Sportskeeda caters to a wide range of sports enthusiasts.
Absolute Sports Pvt. Ltd. is the parent company of Sportskeeda. It is a key subsidiary of Nazara Technologies and plays a crucial role in the company’s sports media operations. Absolute Sports provides strategic guidance, operational support, and financial resources to Sportskeeda, enabling it to maintain its position as a leading digital sports media platform.
As Nazara continues to make significant strides in the gaming and sports media landscape, this latest development underscores its commitment to growth, innovation, and delivering exceptional value to its stakeholders. With a strong financial foundation and a clear vision for the future, Nazara is poised to become a global leader in the industry.
The company’s board has approved a preferential equity issue to raise INR 900 crores, subject to the necessary shareholder and regulatory approvals.