Nazara Tech up 2% as subsidiary raises $28 million for strategic acquisitions

The funds will be deployed to grow the gaming and esports ecosystem by expanding newer IPs (intellectual property), growing the emerging market footprint and for strategic acquisitions that drive value to the network, Moneycontrol reported.

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Shares of Nazara Technologies rose over 2 percent on May 19 as the online gaming company’s subsidiary, Nodwin Gaming, raised $28 million from new and existing investors in its latest funding round.

At 09:18 am, the company was quoting at Rs 593.85, up 2.24 percent.

The funds will be deployed to grow the gaming and esports ecosystem by expanding newer IPs (intellectual property), growing the emerging market footprint and for strategic acquisitions that drive value to the network, Moneycontrol reported.

Region-wise, the gaming & sports media company will look at South East Asia, eastern Europe. “Our focus will be on Middle East. We are building for the world but building out of India,” said Akshat Rathee, Co-Founder and Managing Director, Nodwin Gaming. He added that the company will be investing in IPs, people and capability.

“We will look at internal transfers and also look at new positions for which we will hire domestically and internationally. In terms of acquisitions, we are looking at anything that is core to Nodwin. Any IP in gaming and sports that has been running for a couple of years is a great partner for us. Any company that is profitable business in a country we are happy to acquire that company,” Rathee added.

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The recent funding round saw participation from existing investors including Nazara, Krafton and JetSynthesys and among the new investors included Sony Group Corporation and Innopark.

Brokerage firm Prabhudas Lilladher had said Nazara Technologies has a cash balance of Rs 6.2 billion which can act as growth capital to expand inorganically. While ICICI Securities had also pointed out that the cash balance could be used to acquire scale through acquisition in real money gaming, once regulatory clarity emerges. Also, the online gaming company could benefit from inexpensive acquisition opportunities in the current liquidity situation.

“In case these triggers play out, we see a bull case valuation of Rs 800 (for Mar’24),” ICICI Securities had said.