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Nazara Technologies CEO Nitish Mittersain
Nazara Technologies Ltd., India’s only publicly listed gaming and esports company, has raised Rs 495 crore (about $60 million) from Axana Estates LLP, whose designated partners include Arpit Khandelwal, founder and managing partner of Plutus Wealth Management LLP, and Mithun Sacheti, founder of Caratlane.
The funding is aimed at strengthening the company's global presence in gaming and digital entertainment.
Major investment from Axana Estates
Under the deal, Axana Estates LLP will acquire nearly a 5.40% stake in Nazara through a preferential issue of equity shares at a price of Rs 990 per share.
The company’s board has approved the transaction, which is subject to shareholder and regulatory clearances. Nazara will use these funds to accelerate organic growth, pursue strategic acquisitions, and enter new markets.
Nitish Mittersain, Jt. Managing Director and CEO of Nazara Technologies, said, "Nazara is set for global growth, and we are excited to partner with Arpit & Mithun, who share our vision. Their belief in our potential and expertise will help us scale new heights, positioning Nazara as a unique global gaming company from India.”
Open offer for additional stake
With Axana Estates’ stake growing, Plutus Wealth Management LLP and Axana Estates LLP, along with PACs, will launch a public open offer to acquire up to 26% more in Nazara, following regulations under the Securities and Exchange Board of India (SEBI).
If the open offer is fully accepted, the total shareholding of the acquirers and PACs, along with the existing promoters (Vikash and Nitish Mittersain) and promoter group, could reach about 61.5%.
Both the preferential allotment and the open offer are expected to boost Nazara’s profile in India and abroad, ensuring the company has ample resources to capitalize on global gaming trends.
Acquisition of popular game IPs
As part of its expansion strategy, Nazara has also approved the acquisition of two popular mobile game IPs—“CATS: Crash Arena” and “King of Thieves”—from Barcelona-based developer ZeptoLab for $7.7 million (about Rs 67 crore).
Nazara will publish these titles under its “Nazara Publishing” banner, further bolstering its catalogue of top-tier mobile gaming properties.
The company believes that owning these game IPs will solidify its presence in international markets and complement its existing offerings, including esports platforms, gamified learning products, and casual gaming ventures.
This move comes a few months after Nazara’s Rs 855 crore (approximately $100 million) fundraising through a separate preferential issue, in which Mithun Sacheti had invested Rs 75 crore.
In its earnings report for the September quarter (Q2 FY25), the company reported a 7.3% year-on-year increase in revenue to Rs 318.94 crore and a 10.85% rise in profit to Rs 21.97 crore.
Nazara’s business spans esports, cricket simulation, gamified early learning, and interactive story games, and it has a global footprint that includes operations in India, the United States, and other international markets.