Nazara Tech's Singapore arm to infuse $2.5 million in Bitkraft Funds; stock spurts ~3%

31 Mar 2022 , 09:55 AM

Nazara Technologies Limited informed that the company’s wholly-owned subsidiary, Nazara Pte. Ltd. “Nazara Singapore”, has agreed with Bitkraft Ventures Opportunity Fund I & II.

Nazara Singapore will invest USD 2.5 million in Bitkraft Funds out of which USD 0.875 million will be invested upfront while the balance investment amount i.e., USD 1.625 million will be deployed over a period of 3 years.

Nazara seeks a capital commitment of upto USD 1.25 million for admission of Nazara Singapore as a Limited Partner and purchase of Limited Partner interest in the BITKRAFT Ventures Opportunity Fund I, L.P (BITKRAFT Fund I), and BITKRAFT Fund II, payable in cash, in one or more tranches.

BITKRAFT Fund I and BITKRAFT Fund II collectively referred as “BITKRAFT Funds”.

BITKRAFT Funds is a company that invests in e-sports, gaming, and interactive media. Nazara Singapore, through the above-mentioned investments, strives to build a network with Limited Partners (LP) as well the Investee Companies of that Funds and to gain access to Global Gaming Ecosystem.

Nazara will leverage Bitkraft Network to secure deal flow for future M&A from the current portfolio of funds, co-investment opportunities, and potential partnerships.

Nazara Tech was trading 2.56% higher at Rs1,650 against its previous close of Rs1,608.80 on NSE. It touched an intraday high and low of Rs1,655 and Rs1,630 respectively so far.