CCI approves acquisition of majority stake in Nazara by Axana Estates, Plutus Wealth, and Junomoneta

The Competition Commission of India (CCI) has cleared the acquisition of a majority stake and control in Nazara Technologies Limited by Axana Estates LLP, Plutus Wealth Management LLP, and Junomoneta Finsol Private Limited, formalizing a major shift in the ownership of one of India's most prominent gaming and sports media companies.

The CCI’s green light comes four months after the three entities launched an open offer to acquire up to 26% stake in Nazara Technologies.

Axana Estates and Plutus Wealth are expected to collectively hold 27.2% in the Mumbai-based firm, up from Plutus’s prior 13.3% stake. The move will consolidate the investor group’s influence over Nazara's strategic direction amid its aggressive global expansion.

Background of the acquirers

Axana Estates, incorporated in India, currently has no active business operations but has proposed plans spanning real estate development and investment in listed and unlisted securities.

Its designated partners include Arpit Khandelwal, founder of Plutus Wealth Management, and Mithun Sacheti, founder of jewellery brand CaratLane (now owned by Titan). Khandelwal and Plutus entities also hold stakes in Junomoneta.

Plutus is an LLP incorporated in India and is engaged in the business of stock and commodity broking, trading and investments in stock, commodities, and related businesses. JFPL is engaged in the business of proprietary stock broking and trades in equity, commodity and derivative markets.

Strategic consolidation amid expansion

The approval comes at a time when Nazara is actively fortifying its global gaming footprint. In its latest move, the company acquired UK-based Curve Digital Entertainment Ltd in a Rs 247 crore deal, cementing its ambitions in the $100+ billion global PC and console gaming industry. 

The acquisition is expected to expand Nazara’s international portfolio across genres and markets, especially in Europe and North America.

This builds on Nazara’s series of recent acquisitions, including Curve Games, TJRWrestling, ITRWrestling, King of Thieves, Trinity Gaming, and Funky Monkey, as part of a deliberate strategy to diversify its gaming and esports assets.

Financial performance

Nazara posted a 67% year-on-year jump in operating revenue to Rs 535 crore in Q3 FY25, although profits fell by 53.6% to Rs 13.7 crore in the same quarter.

The company is yet to release its Q4 FY25 results, but founder Nitish Mittersain recently stated that Nazara will have Rs 700 crore in cash on its balance sheet, enhancing its firepower for future acquisitions.

Nazara also has plans to capitalize on local IPs with an upcoming Bigg Boss game, following its acquisition of rights for the popular Indian reality show. Shares of Nazara were trading at Rs 1,279 on Wednesday afternoon, giving it a market capitalization of Rs 11,229 crore ($1.3 billion).

As of March 2025, Mittersain and Mitter Infotech collectively hold 8.75%, while Plutus Wealth owns 11.54% and Arpit Khandelwal holds 7.87%. Other major shareholders include SBI Mutual Fund (8.52%) and Rekha Jhunjhunwala (7.06%), holding shares on behalf of the late investor Rakesh Jhunjhunwala.