Nitish Mittersain, CEO of Nazara Technologies / Photo credit: Nazara Technologies
Nazara Technologies Limited, a diversified gaming and sports media platform in India, is raising US$49.2 million from SBI Mutual Fund.
The funds will be invested through SBI’s three schemes, namely the SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund.
Funding details
- Funding amount: US$49.2 million
- Lead investors: SBI Mutual Fund
- Stage: Post-IPO funding
- Valuation: US$230 million
- Source
Nazara, a publicly listed company, operates in three segments: gaming, sports media, and fantasy sports.
With the fresh funds, the company plans to make strategic acquisitions and investments in other gaming and sports media companies. Additionally, the firm intends to invest in new businesses, such as esports and blockchain gaming as well as expand internationally.
“Making India the gaming nation of the world has been a long-pursued dream for all of us at Nazara. India’s largest domestic mutual fund investing in Nazara is an important milestone for us in this two-decade-long journey,” said Nitish Mittersain, CEO of Nazara Technologies.
The development comes a few days after the founders of stockbroking firm Zerodha announced the investment of US$12 million in the Indian gaming giant.
See also: Line- and Kakao-backed Web3 gaming firm makes $8m while staying profitable
Currency converted from Indian rupee to US dollar: US$1 = 83.20 rupees.
More details
Nazara Technologies→ |
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
