Nazara Technologies becomes first Indian gaming firm to file IPO

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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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.