iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Nazara Tech Raises Rs 250 Crore, Acquires 10.7% Stake in Kofluence

18 Jan 2024 , 10:46 AM

On January 17, Nazara Technologies said that the board has given the company permission to raise Rs 250 crore from a number of new and existing investors, including ICICI Prudential Mutual Fund, Plutus Wealth, and Nikhil Kamath, a co-founder of Zerodha.

This signifies the accomplishment of the Rs 750 crore fundraising goal it set forth in the previous year. In September 2023, the company had previously raised money from Nikhil Kamath, a co-founder of Zerodha, and SBI Mutual Fund.

The funding is being provided as the diverse gaming and sports media company tries to accumulate cash for future acquisitions that would enable it to expand its current operations.

In addition to announcing the fundraising, Nazara also revealed that it is purchasing a 10.77 percent ownership in Kofluence, an influencer marketing platform, from its shareholders for a possible total of up to Rs 32.41 crore. Sreeram Reddy Vanga, the CEO and co-founder of Kofluence, sold his prior company, OpenPlay, to Nazara Technologies in August 2021 for a sum of Rs 186.4 crore.

Influencers will market Nazara’s games on many social media channels as part of an influencer-driven game discovery platform that Nazara Technologies and Kofluence are set to introduce.

This development follows the company’s establishment of Nazara Publishing, its publishing division, to leverage India’s growing potential as a worldwide centre for gaming.

Nazara announced in December that its publishing division had chosen five games from four Indian game studios, spanning a variety of genres. Over the course of the next 12 to 18 months, Nazara Publishing intends to release up to 20 games for mobile, web3, virtual reality (VR), and PC, investing between Rs 1 crore and Rs 3 crore in each game.

The first gaming business in the nation to go public, Nazara Technologies, announced that it plans to offer 28.66 lakh shares (28,66,474 shares) at a price of Rs 872.15 per share. At the end of the day on January 17, Nazara Technologies was trading at Rs 936.75 on the National Stock Exchange.

Founder Nitish Mittersain stated that the company’s main goal is to expand its portfolio of gaming intellectual property through future acquisitions.

For feedback and suggestions, write to us at editorial@iifl.com

Nazara Technologies bonus share: Online gaming stock surges nearly 20%  ahead of record date | Zee Business

Related Tags

  • board
  • funding
  • Kofluence
  • Nazara Tech
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.