Fantasy Sports platform HalaPlay owned by Nazara Technologies plans to raise over INR 18 Crore, as per the filing of the public-listed company with the Bombay Stock Exchange. According to the filing, the board of directors of the company has provided in-principle approval for HalaPlay. This subsidiary of Nazara will be raising the funds from identified investors, whose names have not been revealed yet.
The filing reads as, “Post completion of the transaction, the stake of Nazara in HalaPlay will be diluted from 74.02% to 64.70%, on a fully diluted basis. Further, there will be no change in the management and control of HalaPlay upon completion of the aforesaid transaction. Esports segments and gamified learning have not only demonstrated strong growth in FY21 but have also laid the foundation for more growth. This has led to a predictable growth on account of retention and user engagement in multi-year media and game agreements in the case of esports”
The filing also revealed that a 1.40% equity stake worth INR 96.19 Lakh has been bought by Nazara in Absolute Sports Private Limited (ASPL) which runs the news website Sportskeeda. Following this, Nazara’s stake in ASPL has increased from 63.90% to 65.30%.
Meanwhile, Nazara, founded by Nitish Mittersain and Vikash Mittersain in 2000, has registered an 84% year-on-year (YOY) jump in consolidated revenue which stood at INR 454.2 Crore for FY21. There was an 820% growth in revenue in the gamified learning segment, which grew from INR 19.1 Crore in FY20 to INR 175.8 Crore in FY21. In the same manner, the revenue from esports doubled to INR 170.1 Crore from INR 84.2 Crore in FY20.
Nazara is a gaming and sports media platform which has a presence in India and global markets such as North America and Africa. Nazara specializes in esports, interactive gaming and is well-known for a variety of gaming apps such as World Cricket Championship (WCC), CarromClash, Kiddopia, Nodwin, Sportskeeda, Halaplay, and Qunami.
Manthra Koliyer is a writer at Gutshot Magazine. She has an affinity for seeing the world through people’s eyes. With a bubbly fun personality, you can always catch her chatting with anyone she comes across. Holding an English Literature degree from Wilson College, Mumbai, this pop culture fanatic is ready to take on the world with a pen, paper, and microphone. She also actively works on her personal blog called namasteyconvict.blogspot.com, where for a moment she lets you into her drama-filled world.
SUBMIT YOUR ARTICLE
SUBMIT YOUR ARTICLE