Indian video game development company Nazara Technologies has raised ₹500 crores ($53.6 million) through a preferential issue of warrants as it accelerates its acquisition-driven growth strategy. The warrants, each convertible into one equity share, will be issued at ₹260 ($3.12) per share, representing a premium to the company’s current market price.
Nazara said the proceeds will be used primarily to support strategic acquisitions, including the previously announced purchases of Bluetile and BestPlay, while also strengthening its existing business verticals.
Moreover, the new capital would help the company build globally scalable gaming businesses powered by artificial intelligence as it aims to position India as a competitive force in the global games market.
Global ambitions
The funding round includes participation from Riambel Capital PCC, S Gupta Family Investments, Plutus Investment and Holding Private Limited from the promoter group, Classic Enterprises and Founders Collective. Nazara said continued participation from the promoter group at the issue price was positioned by the company as a sign of alignment around its next phase of growth.
“This ₹500 crore fundraise comes at an important phase in Nazara’s journey as we execute on our most ambitious growth initiatives, including the Bluetile and BestPlay acquisition,” said Nazara CEO and joint MD Nitish Mittersain (pictured). “This fresh capital, combined with our acquisition strategy, positions Nazara to build globally scalable, Al-enabled gaming businesses and further strengthen our leadership in the sector.”
This article was first published on PocketGamer.biz.
Steve is an award-winning editor and copywriter with more than 20 years’ experience specialising in consumer technology and video games. With a career spanning from the first PlayStation to the latest in VR, he's proud to be a lifelong gamer.
