Nazara Technologies

India-based Nazara Technologies Ltd., a gaming platform backed by billionaire Rakesh Jhunjhunwala, became the first Indian gaming technology company to make a stock market entry, filing IPO documents with the Indian market regulators on 16 Jan 2021.

About the IPO: Nazra Technologies had received approval from SEBI (Securities and Exchange Board of India) for its IPO in 2018. Nazara’s public issue will see the sale of 5,543,052 equity shares.

“The listing will also provide a public market for equity shares in India. ICICI Securities and Edelweiss Financial Services will manage the company’s IPO,” notified the company.

About Nazara Technologies

Founded in 2000 by Nitish Mittersain, Nazara Technologies develops mobile content such as games, multimedia, themes, and wallpapers. It is one of India’s leading diversified and interactive gaming and sports media platforms present in India and across 52 emerging and developed global markets in Africa, Latin America, North America and others. Nazara offers an interactive gaming, eSports and gamified early learning ecosystem and solutions for the development, deployment, targeting and tracking of promotional campaigns on mobile platforms. It is headquartered in Mumbai, India. 

Nazara commands a considerable share of the mobile cricket gaming segment with titles like World Cricket Championship. Nazara has benefited from a global boom in smartphone gaming, the demand for which increased even more during the pandemic, driving millions online. The founder of Nazara Nitish Mittersain had started the company with US$ 410K borrowed from friends and family. But the dotcom bubble left the company derailed and it had to spend its first decade clearing debt. But thanks to the boom in smartphone gaming, the company has built a robust network of millions of subscribers in the past years.

Nazara owns some of the most recognisable IP, including Kiddopia in gamified early learning, WCC and CarromClash in mobile games, Nodwin and Sportskeeda in eSports and eSports media and Halaplay Technologies Private Limited and Qunami in skill-based, fantasy and trivia games.

Key Investors: Rakesh Jhujhunwala, Plutus Wealth Management, IIFL Special Opportunities Fund and Turtle Entertainment.

Total Funding Amount: US$ 132.7M

Nazra has also invested US$ 50 million in over 13 startups in the last two years. It aims to expedite the growth of gaming, esports and sports content across emerging markets.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.



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