Nazara Technologies becomes first Indian gaming firm to file IPO

By Anulekha Ray

January 17, 2021

Nazara Technologies, firm backed by big bull Rakesh Jhunjhunwala, became the first Indian gaming technology company to seek a market debut. Mumbai-based mobile gaming company filed initial public offering documents with the market regulators on Friday.

Founded by gamer Nitish Mittersain in 2000, Nazara is one of the largest interactive gaming and sports media companies in India. The company is known for its games on World Cricket Championship and Chhota Bheem and Motu Patlu series. Its subsidiary Nodwin Gaming hosts multiple gaming events across the country. It has operations in over 60 countries across emerging markets including India, Africa, the Middle East, South East Asia and Latin America.

The company’s platform hosts several content categories comprising subscription business, Freemium business and Esports business. Thanks to global boom in smartphone gaming, Nazara has built a strong network of millions of subscribers in the last few years.

The company owns IPs, including WCC and CarromClash in mobile games, Kiddopia in gamified early learning, NODWIN and Sportskeeda in esports and esports media, and Halaplay and Qunami in skill-based, fantasy and trivia games.

Besides Jhujhunwala, Plutus Wealth Management, IIFL Special Opportunities Fund, Turtle Entertainment are other key investors. Earlier this month, Plutus Wealth Management LLP and its associates acquired shares worth over ₹500 crore of the company from WestBridge.

The company had received approval from the Securities and Exchange Board of India for its initial public offering in 2018. According to the draft papers of listing, Nazara’s public issue will see sale of 5,543,052 equity shares.

Nazara Technologies consolidated revenue for financial year 2019 stood at ₹183 crore. It generated ₹180 crore revenue for the year 2018.

This article was first published on livemint.com.

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