Gaming firm Nazara raised 100 crores from investors

Nazara is one of the leading gaming companies in India, placing bets in mobile gaming, eSports and sports media

Gaming firm Nazara raised  100 crores from investors
Gaming firm Nazara raised 100 crores from investors

After filing for an initial public offering last month, Mumbai-based gaming startup Nazara Technologies Ltd raised Rs 100 crore of new funding from Instant Growth Limited , an investment vehicle of North America-based limited partners . Hornbill Orchid India Fund.This is the second major investment in an Indian gaming startup this month. Last week, the Mobile Premier League (MPL) raised $ 95 million (about Rs. 69 crore).IGL was advised on the deal by Indian investment advisory firm Hornbill Capital Advisors LLP.

Manish Manish says, "We welcome Hornbill Capital's entry into the Indian gaming ecosystem with its investment in Nazra. We are delighted that they share our faith and enthusiasm on the future of the gaming sector in India and value creation." The potential that gaming offers investors, ”Manish Aggarwal, Chief Executive Officer, Darshan said in a statement.

The size of the investment by IGL makes it one of the largest funds raised by Nazara in recent years. The company had earlier raised Rs 7327 crore from IIFL Special Opportunity Fund in November 2017 and Rs 182 crore from billionaire investor Rakesh Jhunjhunwala in December 2017.

In January, Najra filed a draft red herring prospectus with the Securities and Exchange Board of India. Also, in January, Plutus Wealth Management and associates acquired more than Rs 500 crore worth of shares in Nazara from Westbridge Ventures II Investment Holdings, facilitating the exit of the gaming company.

Manoj Thakur, founder and managing partner of Hornbill Capital Advisors LLP, said in a statement, "We have been following this since the journey of Nazara for many years, as it has evolved into a platform for gaming.

Thakur said, "Through judicious capital allocation, we believe that Nazara's team has demonstrated the ability to build a great presence in esports, promoting early learning and mobile gaming - the most exciting in India over the next decade Some of the places. "

Nazara is one of the leading gaming companies in India, placing bets in mobile gaming, eSports and sports media. The company has majority stakes in eSports startup NODWIN Gaming (57.05%), eSports media firm Sportskeeda (63.9%) and game developers Next Wave Multimedia Pvt. Ltd. (52.38%), known for the Cricket Game Franchise World Cricket Championship (WCC).

In the last five years, the company has invested more than Rs 300 crore in the Indian gaming ecosystem.Gaming companies in India have recorded unprecedented growth as the epidemic started in the form of new users, greater engagement and time and money spent on gaming.