Nazara Technologies Secures Rs 900 Cr, Increases Stake In Sportskeeda

Nazara Technologies, India's diversified gaming and sports media company, today announced its largest fund raise to boost its growth trajectory. The company's board has approved a preferential equity issue to raise Rs 900 crore, subject to shareholder and regulatory approvals. This capital infusion will fuel strategic acquisitions, fund business expansion, and enhance the company's ability to seize new growth opportunities.

The preferential equity issue amounting to Rs 900 crore will be placed with marquee investors such as SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments and Aamara Capital, further strengthening Nazara's financial foundation for long-term expansion. These shares will be subject to SEBI regulations and lock-in requirements as per Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018.

In a parallel development, Nazara also acquired an additional 19.35 per cent stake in Absolute Sports, the parent company of Sportskeeda, for Rs 145.5 crore, with 50 per cent of the consideration paid in cash and the remaining amount in stock. With this, Nazara now holds a 91 per cent ownership stake in Absolute Sports, solidifying its leadership position in the sports media domain.

Sportskeeda, Absolute Sports flagship brand, reaches millions of sports fans globally each month, with significant traction in india and the US, where it ranks among the top sports platforms. In addition, Absolute Sports has recently expanded by acquiring Pro Football Network (PFN), Soap Centrol, and Deltia's Goming, further diversifying its sports and entertainment portfolio

In his LinkedIn post, Nitish Mittersain, CEO and MD of Nazara Technologies expresses, “We are grateful to have many of our existing investors, such as SBI Mutual Fund and Plutus Wealth Management LLP participate alongside new investors including Mithun Sacheti, Think Investments and Discovery.”

“Their confidence in Nazara during a time when financing has been challenging for gaming companies worldwide speaks volumes about the trust in our vision and growth, ” he further writes.

Additionally he remarks,  "Nazara has demonstrated its ability to attract top-tier investors who believe in our long-term vision of establishing India's first globally respected gaming powerhouse. This INR 900 crores fundraise will be instrumental in accelerating our growth across key segments. Additionally, increasing our stake to 91% in Absolute Sports (Sportskeeda) reinforces our leadership in the sports media landscape. The growth of Absolute Sports, from its early days as a startup to becoming a global media player, underscores our commitment to supporting innovative teams that consistently deliver transformational growth