Nazara Tech reserves Rs 830 crore for M&As in next 24 months
The Indian gaming and esports firm recently raised Rs 760 crore via a preferential allotment that attracted investors such as Zerodha Co-Founder Nikhil Kamath, ICICI Prudential MF, and Plutus Wealth Management, among others.
Gaming and sports media company Nazara Technologies Ltd on Wednesday said it has set aside about Rs 830 crore for Mergers and Acquisitions (M&As) in the next 24 months, with an eye on strengthening its global foothold.
The Indian gaming and esports firm recently raised Rs 760 crore via a preferential allotment that attracted investors such as Zerodha Co-Founder Nikhil Kamath, ICICI Prudential MF, and Plutus Wealth Management, among others.
The company introduced its "ambitious strategy to earmark USD 100 million (nearly Rs 830 cr) towards mergers and acquisitions (M&A) within the next 24 months".
This strategic initiative underscores Nazara's commitment to strengthening its global foothold and catalysing its evolution into an eminent gaming platform on the world stage, the company said.
"Nazara has seen significant success in its 'acquire and scale' strategy over the last few years as can be seen by the post-acquisition growth in Kiddopia, Nodwin Gaming, and Sportskeeda among others," Nazara Technologies Joint MD & CEO Nitish Mittersain said.
The company said it is on a quest to identify burgeoning opportunities within the gaming, esports, and adtech sectors with a particular focus on established gaming IPs/ studios and also those advancing in cutting-edge technologies like web3, virtual reality, and AI.
"We are particularly focused on investing in and acquiring gaming studios globally with a specific focus on India's 500 million gamers as well as the large North American market," Mittersain said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
06:51 PM IST