Nazara Technologies has declared a fundraising round of Rs 900 crore to drive its expansion. These funds will be used to fund strategic acquisitions, corporate expansion and capitalising on new possibilities in key areas. Nazara has also bought an additional 19.35 per cent share in Absolute Sports, bringing its total ownership of Sportskeeda to 91 per cent.
The Rs 900 crore fundraising, which is subject to shareholder and regulatory approval, will be achieved through a preferential equity issue. This funding will be placed with prominent investors, including SBI Mutual Fund, Junomoneta Finsol, Think Investments and others, further solidifying Nazara’s financial strength. As part of SEBI's Chapter V regulations on capital and disclosure, these shares will have mandatory lock-in requirements, ensuring long-term commitment from investors.
This capital infusion will enable Nazara to pursue key strategic acquisitions and business expansion efforts. Nitish Mittersain, CEO & Joint Managing Director of Nazara Technologies, stated, “This Rs 900 crore fundraising will accelerate our growth across key segments, helping us move towards establishing India’s first globally respected gaming powerhouse.”
Nazara also has acquired a further 19.35 per cent stake in Absolute Sports, the parent company of Sportskeeda, for Rs 145.5 crore. The payment structure includes 50 per cent cash and 50 per cent stock, further strengthening Nazara's position in the sports media industry.
With this acquisition, the company now holds a commanding 91 per cent stake in Absolute Sports. Sportskeeda, the flagship brand of Absolute Sports, continues to gain traction globally, particularly in India and the U.S. The company recently expanded its portfolio through acquisitions of Pro Football Network (PFN), SoapCentral and Deltia’s Gaming, broadening its reach across sports and entertainment sectors. Mittersain added, “The growth of Sportskeeda from a start-up to a global media player shows our commitment to supporting innovative teams that drive transformational growth.”
