Gaming firm Nazara Technologies raises stake in Next Wave Multimedia to 74.88%

Nazara Technologies Limited, a prominent gaming and sports media company in India, has increased its equity stake in its subsidiary Next Wave Multimedia Private Limited from 71.88% to 74.88%.

The move comes after Nazara acquired an additional 1,000 equity shares, representing a 3% stake, from the founding shareholders of Next Wave Multimedia.

First tranche completed

On December 16, 2024, Nazara Technologies paid Rs 2.31 crore in cash to the founding shareholders—P.R. Rajendran, R. Kalpana, and P.R. Jayashree—as part of the first tranche of the Share Purchase Agreement (SPA) dated May 24, 2024.

The SPA outlines the acquisition of a total of 9,375 equity shares, which amounts to a 28.12% stake in Next Wave Multimedia.

Second tranche to follow

The remaining 8,375 shares, representing a 25.12% stake, will be acquired in the second tranche for Rs 19.33 crore. According to the company, the payment will be made either in cash or through the issuance of Nazara Technologies' stock within six months of completing the first tranche.

With this acquisition, Next Wave Multimedia continues to be a significant subsidiary of Nazara Technologies.

Known for its popular mobile games, Next Wave has been a substantial contributor to Nazara's growth since the initial majority stake acquisition in 2018.

Financial highlights

In the second quarter of the fiscal year 2024-25, Nazara Technologies reported a revenue of Rs 318.94 crore, marking a 7.3% increase compared to the same period last year. The company's profit also saw a 10.85% rise, reaching Rs 21.97 crore.