As per news reports, Nazara Technologies received ₹100 Crore in investment from Zerodha’s Kamath brothers. The online gaming and sports media brand held its first round of investments and as per the regulatory filing with the National Stock Exchange (NSE), Nazara Technologies’ board has reportedly approved the issue of 14,00,560 equity shares priced at ₹718 each to raise a sum of ₹100 Crore ($12 Million) via a special resolution.
When news broke about Kamath brothers investing in Nazara Technologies, the stock price of the diversified online gaming firm was reportedly up by 10%. Nikhil and Nithin Kamath, the two co-founders of Zerodha, lead the two investment firms namely, Kamath Associates and NKSquared. In a post-allotment scenario, both firms will collectively own a stake of 2.72%.
As per the Securities and Exchange Board of India (SEBI), Regulations, 2018, the equity shares are to be locked for a duration of six months from when they were issued.
On Kamath’s investment in the brand, Nitish Mittersain, CEO, Nazara Technologies was quoted saying, “Nikhil Kamath symbolises success in India’s tech arena, and this fund raise holds immense value for us at Nazara as we continue to build a diversified gaming platform in India. Beyond the funds raised, his investment stands as a resounding vote of confidence in Nazara.”
The Zerodha co-founder also commented on his latest investment in Nazara Technologies. He said, “Gaming in India is poised for strong growth in the years to come and Nazara has built a well-diversified, profitable gaming platform well suited to take advantage of opportunities in the years ahead. We look forward to supporting Nitish and his team in achieving their growth aspirations for Nazara.”
Nazara Technologies made news when the brand joined the list of online gaming companies which urged the government to reconsider its stand on the 28% GST levied on online gaming.
Image: Selvaprakash Lakshmanan for Forbes India
With a Masters Degree in Journalism and Communication, Mrinal Gujare currently is cruising through an exciting genre of writing and editing at Gutshot Magazine. Apart from being an Editor, Mrinal is an avid reader and a former contemporary dancer. She is also perennially hungry for intriguing scoops from across the globe. No holds barred is the rule Mrinal follows in life.
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