Publicly listed online gaming and e-sports company Nazara Technologies Ltd has raised Rs 250 crore (around $30 million) from Zerodha’s co-founder Nikhil Kamath-backed Kamath Associates, NKSquared, and Plutus Wealth Management, which invested Rs 50 crore each.
Other investors participating in the round included Chartered Finance and Leasing, ICICI Prudential ESG Fund, ICICI Prudential Flexicap Fund and ICICI Prudential Technology Fund.
The company is issuing 28,66,474 equity shares at Rs 872.15 per equity share and a six-month lock-in period.
Nazara’s share price slid 3.1% to end Wednesday’s session at Rs 936 apiece on the BSE.
It plans to use the fresh funds to invest in funding requirements and for strategic acquisitions, the company said in an exchange filing.
This fundraise concludes the company’s planned fundraising of Rs 750 crore that it announced earlier in the ongoing fiscal year. It had previously raised Rs 100 crore from Kamath’s Kamath Associates and NKSquared. With this funding round, Kamath’s shareholding in the company has increased to over 5%.
Nazara’s founder and chief executive officer Nitish Mittersain said that the company now has Rs 1,500 crore in consolidated cash reserves and is exceptionally well-positioned to pursue both organic growth and strategic acquisitions.
Meanwhile, Nazara has picked a 10.77% stake in marketing-tech platform Kofluence Tech Pvt. Ltd. in a secondary transaction worth around Rs 32.4 crore. The company, however, didn’t disclose the name of the parties that made exit with the transaction.
Bengaluru-based Kofluence had raised $4 million last year from Kamath, micro venture capital firm Upsparks, Cred founder Kunal Shah, filmmaker Karan Johar, Dharma Productions CEO Apoorva Mehta, Udaan co-founder Sujeet Kumar and Koo co-founder Aprameya Radhakrishna, among others.
