Nazara invests $2.5 million in US-based Game Fund BITKRAFT Ventures; Stock soars 3%

5 Apr 2022 , 03:29 PM

Nazara Pte. Ltd. (“Nazara”), a wholly-owned subsidiary of Nazara Technologies Limited, an India based, diversified gaming and sports media company has announced their investment in US Based Game Fund BITKRAFT Ventures. Nazara will invest USD 2.5 Million in BITKRAFT Ventures out of which USD 0.875 Million will be invested upfront, while the balance investment amount of USD 1.625 Million will be deployed over a period of three years.

BITKRAFT Ventures is a leading investment platform for gaming and Web3 / blockchain projects globally. Nazara, with the above proposed investment, aims to build a network with Limited Partners (“LP”) as well as the investee companies to gain access into the global gaming ecosystem.

Nazara aims to leverage the BITKRAFT Ventures network for the following strategic initiatives:
1. Potential partnerships and/ or potential investment into the company & its subsidiaries. 2. Securing deal flow for future M&A from the current portfolio of the funds as well as inflow of deals coming to funds. 3. Co-investment opportunities into highly sought-after founders/ companies.

Manish Agarwal, CEO, Nazara Technologies, “BITKRAFT Ventures have fast established themselves as one of the most promising investors in the global e-sports and gaming ecosystem. Our investment in BITKRAFT is in line with our long-term commitment to nurture and empower the gaming community across the world. Over the course of the next few years, this investment will enable us to work towards realizing our strategic vision of becoming the catalysts to empower the global gaming community and chart the next stage of growth in an increasingly connected and virtual world.”

"Given our long-term relationship with Nazara we are very excited to get into this partnership for a winwin-win between Nazara, the BITKRAFT Venture Portfolio companies and BITKRAFT Ventures as a platform. The Partnership will help to increase the connectivity into the highly strategic Indian video games market. We have done multiple investments in the subcontinent and intend to do more in the future, in addition to supporting international Investment to drive growth in India," shared Malte Barth, Founding General Partner at BITKRAFT Ventures.

In addition to the investment in BITKRAFT Ventures, Nazara Technologies Ltd. has acquired multiple companies over the past few years. The company has placed itself in a leading position in esports, interactive gaming and the gamified early learning space with the ‘Friends of Nazara’ network.

Nazara has acquired a majority stake in Nodwin Gaming Pvt. Ltd; Next Wave Multimedia Pvt. Ltd., which operates World Cricket Championship (WCC), the largest mobile-based cricket simulation game, in addition to investment in Absolute Sports Private Limited, which operates Sportskeeda and Paper Boat Apps Private Limited - gamified early learning subscription app and OpenPlay - Skill Gaming.

At around 3:00 PM, Nazara Tech was trading at Rs1730.50 per piece higher by 3.29% on Sensex.