Mumbai-based gaming and sports media titan, Nazara Technologies, has received a significant boost with SBI Mutual Fund’s commitment to infuse INR 410 Crores into the company. The board of Nazara Technologies confirmed this development via an exchange filing.
This substantial investment will involve the issuance of 57,42,296 equity shares, each with a face value of INR 4, at a per-share price of INR 714. SBI Mutual Fund will channel these funds through three of its schemes: SBI MulScap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund.
Nitish Mittersain, the CEO of Nazara Technologies, expressed his enthusiasm for the investment, stating, “Making India the gaming nation of the world has been a long-pursued dream for all of us at Nazara. India’s largest domestic mutual fund investing in Nazara is an important milestone for us in this two-decade-long journey.”
This financial infusion follows closely on the heels of a recent announcement regarding investments from Nithin Kamath and Nikhil Kamath, the founders of Zerodha. The Kamath brothers pledged INR 100 Crores to Nazara Technologies, further reinforcing the company’s financial stability.
Nazara Technologies had previously obtained board approval to raise up to INR 750 Crores, with plans to augment its authorized share capital from INR 30 Crores to INR 50 Crores.
In the fiscal year 2022-23 (FY23), Nazara Technologies recorded a consolidated net profit of INR 61.4 Crores, signaling a substantial increase. Additionally, the company reported a 75% year-on-year (YoY) growth in revenue from operations, reaching INR 1,091 Crores during the same fiscal period.
Furthermore, Nazara Technologies continued its upward trajectory in the first quarter (Q1) of the financial year 2023-24 (FY24), with a 31% YoY increase in profit after tax (PAT), reaching INR 20.9 Crores. The company’s revenue from operations during the same quarter surged by 14%, rising to INR 254.4 Crores compared to INR 223.1 Crores in the corresponding quarter of the previous year.
