Investment Boosts Nazara’s Valuation
India-based gaming media platform Nazara has secured a $49 million investment from SBI Mutual Fund, raising its valuation to $230 million. This follows Nazara’s recent investment of $500,000 into mobile game studio Snax Games and its acquisition of a majority stake in MENA publisher Publishme. Nazara also offered $2.5 million to Bitkraft Ventures.
Expanding its Empire
SBI Mutual Fund plans to distribute its investment into Nazara through three schemes: the SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund. Nazara intends to use the funds to acquire games and sports media companies, as well as explore opportunities in blockchain and esports. The company has already experienced significant revenue growth, with an 84% increase in one financial year.
Nazara Technologies CEO Nitish Mittersain expressed his excitement about the investment, stating, “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.”
The Rise of India’s Gaming Market
Nazara’s substantial funding could potentially benefit other Indian players in the gaming market. With India projected to surpass China in mobile gaming success and reach a value of $8.6 billion by 2027, Nazara could play a vital role in achieving this milestone. Nazara was featured on the Top 50 Game Makers list, and CEO Nitish Mittersain believes the company is on the verge of even greater success.