Online gaming and sports company Nazara Technologies on Monday said it plans to raise Rs 100 crore from Kamath Associates and NKSquared to meet growth and funding requirements.
In its board meeting held on September 4, Nazara approved a proposal for issuance of 7,00,280 preferential shares each to Kamath Associates and NKSquared valued at Rs 99.99 crore, a regulatory filing said. “Nikhil Kamath symbolizes success in India’s tech arena, and this fund raise holds immense value for us at Nazara as we continue to build a diversified gaming platform in India. Beyond the funds raised, his investment stands as a resounding vote of confidence in Nazara,” Nazara Technologies CEO Nitish Mittersain said in a statement.
The funds will be used for making strategic acquisitions and investments in various companies, meeting growth and funding requirements of its subsidiaries, associates and joint ventures etc, the filing said. “Gaming in India is poised for strong growth in the years to come and Nazara has built a well-diversified, profitable gaming platform well suited to take advantage of opportunities in the years ahead. We look forward to supporting Nitish and his team in achieving their growth aspirations for Nazara,” Kamath Associates and NKSquared partner Nikhil Kamath said.