Synopsis
The gaming company plans to issue warrants at Rs 260 apiece. The round saw participation from Riambel Capital, S Gupta Family Investments, Plutus Investment and Holding, Classic Enterprises, and early- and growth-stage investor Founders Collective. The proceeds will be used for strategic acquisitions and to strengthen its existing business verticals.The round saw participation from Riambel Capital, S Gupta Family Investments, Plutus Investment and Holding, Classic Enterprises, and early- and growth-stage investor Founders Collective.
The transaction is subject to shareholder and regulatory approvals. The company plans to issue warrants at Rs 260 apiece, the filing mentioned.
Nazara said the proceeds will be used for “strategic acquisitions” and to strengthen its existing business verticals, including mobile gaming, esports, and gamified learning.
Nitish Mittersain, chief executive at Nazara Technologies, said, “This fundraise comes at an important phase in Nazara’s journey as we execute on our most ambitious growth initiatives, including the Bluetile and BestPlay acquisition.”
Earlier this month, the gaming and technology firm announced plans to acquire a 50% controlling stake in Spain-based gaming studio Bluetile Games and its in-house engagement platform BestPlay Systems for $100.3 million (about Rs 918 crore), marking its largest acquisition deal to date.
ET had earlier reported that the company set aside about Rs 830 crore (around $100 million) for mergers and acquisitions (M&As) across India, Europe, and North America in 2024, and the latest move reiterates this commitment. For 2025, it had earmarked Rs 800–1,000 crore ($94–117 million) for inorganic growth, Mittersain told us earlier.
Acquisition spree
Nazara has been actively pursuing acquisitions and strategic investments. In February this year, its board approved an in-principle capital infusion of up to Rs 15 crore into Rusk Media.
It also cleared a $500,000 investment by its subsidiary, Nazara Technologies FZ LLC, in nCore Games, developer of the FAU-G franchise. The company exited its 94.85% stake in OpenPlay Technologies, which operates Classic Rummy, selling it to Moonshine Technology in March last year.
In 2023, Nazara acquired UK-based Fusebox Games for $27.2 million, strengthening its narrative gaming portfolio. It gained full ownership of edtech app Kiddopia in July 2024 after initially acquiring a 51% stake in 2020.
In 2022, it acquired US-based WildWorks for $10.4 million, expanding its intellectual property (IP)-led offerings for younger audiences.
Other investments include Absolute Sports (which owns Sportskeeda) and early-stage bets such as Learntube.ai, Funky Monkeys, and ReelSaga.
Nazara’s acquisition focus spans narrative and simulation games, casual and mid-core mobile games, sports media, gamified learning, and platforms built around user-generated content, the company CEO told us earlier in an interaction.
Financials
Nazara reported a 24% year-on-year (YoY) decline in operating revenue to Rs 405.9 crore for the third quarter of the current fiscal, while net profit fell 35% to Rs 8.8 crore. The decline was primarily due to the deconsolidation of its esports and events arm, Nodwin Gaming, which was de-subsidiarised last year.
Gaming remained the largest contributor, generating Rs 256.9 crore in revenue, followed by adtech at Rs 115.4 crore. Esports contributed Rs 33.9 crore, accounting for 8.3% of total operating revenue.
