Nazara to raise $53m via preferential warrant issue

Nazara Technologies, an India-listed gaming and sports media firm, said its board approved raising 500 crore rupees (US$53 million) through a preferential issue of up to 19.23 million warrants, subject to shareholder and regulatory approvals.

The warrants are priced at 260 rupees (US$2.76) each and can be converted into one equity share with a face value of 2 rupees (US$0.02) within 18 months of allotment.

Riambel Capital PCC, a SEBI-registered Category I foreign portfolio investor, will be allotted 9.485 million warrants, while Classic Enterprises, Founders Collective, and promoter entities S Gupta Family Investments and Plutus Investment and Holding Private Limited will also participate.

Nazara said it plans to use the proceeds mainly for strategic acquisitions and to accelerate growth across existing business verticals, including its recently announced acquisition by its UK-based subsidiary of a 50% controlling stake in Spanish social gaming platforms Bluetile Games and BestPlay Systems for US$100.3 million, and it will seek shareholder approval at an EGM on April 30, 2026.

The board also approved an unsecured loan of up to 4 crore rupees (US$424,745) to its wholly owned subsidiary Smaaash Entertainment Private Limited.

🔗 Source: The Economic Times

🧠 Food for thought

Implications, context, and why it matters.

The new funding supports an acquisition that is large relative to Nazara

The US$100.3 million purchase of Bluetile and BestPlay is large for Nazara and could reshape the business 1.
The two companies brought in US$153.6 million in revenue in 2025 1.
Nazara also gets an AI-driven development process that can shorten build cycles, plus BestPlay’s rewarded engagement platform for user acquisition, retention, and cross-promotion 1.
Up to US$98.2 million comes as earn-outs tied to future results 2. Many instalments may come from operating cash flows and distributions, with up to 25% payable in listed equity at Nazara’s discretion 2.

Nazara’s deal signals a platform-focused playbook

BestPlay’s rewarded engagement platform adds an in-house distribution channel with around 2.2 million monthly active users across Nazara’s game portfolio 1.
The setup can reduce marketing spend by relying more on owned traffic and repeat engagement.
The acquisition puts AI-led production at the center of how teams build and update games.
Bluetile runs 17 live casual mobile games and, together with BestPlay, has reached nearly 375 million downloads and 22 million monthly active users across its games 1.
The approach offers gaming and media companies another way to grow without depending on a small number of breakout releases.