This Rakesh Jhunjhunwala-backed gaming company betting big on FIFA World Cup 2018

Rakesh Jhunjhunwala-backed and IPO bound Mobile gaming company Nazara Technologies has just secured a betting licence in Kenya. According to media reports, Nazara has acquired 70 per cent stake in Kenyan real-money betting company NZ World Kenya, which will organise several real-money games across sport-related genres, ranging from fantasy sports, to arcade games and quiz games, beginning with the launch of FIFA World Cup 2018 later this month on June 14.

Nazara runs gaming subscription services to mass mobile internet users comprised largely of first time gamers across Africa, the Middle East, South East Asia, Latin America and the Indian subcontinent. It has operations in over 60 countries across emerging markets. 

With the latest acquisition of NZ World, Nazara is expected to remain under spotlight during FIFA World Cup 2018. 

Meanwhile, the mobile gaming company has received markets regulator Sebi’s go-ahead to float an initial public offering. Going by the draft papers, Nazara’s public issue will see sale of 5,543,052 equity shares by existing shareholders WestBridge Ventures Investment Holdings and Mitter Infotech.

Explaining the rationale behind the IPO, the company said listing of equity shares will enhance its brand name and provide liquidity to the existing shareholders.

“The listing will also provide a public market for equity shares in India,” the company said.

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In December, ace investor Rakesh Jhunjhunwala had acquired a minority stake in Nazara for about Rs 180 crore.

Founded by Nitish Mittersain, Nazara Technologies is popularly known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series.