Gaming and sporting media platform Nazara has raised Rs 100 crore from Instant Growth Limited, an investment vehicle of the North America based limited partners (LPs) of Hornbill Orchid India Fund, and the funding has come after three weeks of the company filing its draft red herring prospectus (DRHP) filing.
The fresh infusion will bolster Nazara’s operations before its proposed public listing.
The twenty-year-old firm is in the space through investments and acquisitions in various gaming categories including esports, edutainment, infotainment and fantasy sports. It also offers multiplayer games like carrom, cricket among others.
The IPO-bound company is also backed by Rakesh Jhunjhunwala who has invested Rs 182 crore. IIFL Special Opportunities Fund had also invested Rs 330 crore in 2017.
“…We are glad that they share our conviction and excitement on the future of the gaming sector in India and the value creation potential which gaming offers to the investors,” said Manish Agarwal, CEO, Nazara.
Since last year, Nazara has been on an acquisition spree and acquired a clutch of companies. In 2019, Nazara had invested in PaperBoat App, Absolute Sports, Crimzocode Education Private limited and fantasy sports platform Halaplay Technologies. In 2020, it acquired a majority stake in PaperBoat App and Halaplay Technologies.
Nazara claims to have invested Rs 300 crore plus since 2015. It also acquired a majority stake in sports media platform Sportskeeda. Apart from India, the company expanded globally to 74 countries across Asia, Africa and the Middle East. To get a foothold in the offline gaming space, the Mumbai-based firm had invested in InstaSportz Consultancy.
