The wholly-owned subsidiary of Nazara Technologies Limited, Nazara has unveiled its investment in the US-based game fund, BITKRAFT Ventures.
In this development, Nazara will invest $2.5 million in BITKRAFT Ventures. Out of the total amount, $0.875 million will be invested upfront, while the rest of the investment of $1.625 million will be done over three years.
With the aforementioned investment, Nazara plans to set up a network with Limited Partners along with the investee companies to obtain an entry into the global gaming ecosystem. BITKRAFT is a worldwide investment platform for Web3, gaming and immersive technology.
Manish Agarwal, CEO, Nazara Technologies, said, “BITKRAFT Ventures have fast established themselves as one of the most promising investors in the global e-sports and gaming ecosystem. Our investment in BITKRAFT is in line with our long-term commitment to nurture and empower the gaming community across the world. Over the course of the next few years, this investment will enable us to work towards realizing our strategic vision of becoming the catalysts to empower the global gaming community and chart the next stage of growth in an increasingly connected and virtual world.”
Malte Barth, Founding General Partner at BITKRAFT Ventures, said, “Given our long-term relationship with Nazara, we are very excited to get into this partnership for a win-win-win between Nazara, the BITKRAFT Venture Portfolio companies and BITKRAFT Ventures as a platform. The Partnership will help to increase the connectivity into the highly strategic Indian video games market. We have done multiple investments in the subcontinent and intend to do more in the future, in addition to supporting international Investment to drive growth in India.”
Earlier this year, Nazara acquired a huge stake in Datawrkz and also invested INR 30 crore in Griffin Gaming Partners Fund II. In the previous month, the Rakesh Jhunjhunwala-backed entity also teamed up with Vodafone Idea to unveil Vi Games app.