Nazara Technologies, a diversified gaming and sports media company, announced its largest fund raise to boost its growth trajectory as its board has approved a preferential equity issue to raise Rs 900 crores, subject to shareholder and regulatory approvals.
In addition, Nazara Technologies acquired an additional 19.35% stake in Absolute Sports, the parent company of Sportskeeda, for Rs 145.5 crores, with 50% of the consideration paid in cash and the remaining amount in stock. With this development, the company now holds a 91% ownership stake in Absolute Sports, solidifying its leadership position in the sports media domain.
This capital infusion will fuel strategic acquisitions, fund business expansion, and enhance the company’s ability to seize new growth opportunities.
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The preferential equity issue amounting to Rs 900 crores will be placed with marquee investors such as SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments and Aamara Capital, further strengthening Nazara Technologies’ financial foundation for long-term expansion. These shares will be subject to SEBI regulations and lock-in requirements as per Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018.
Commenting on the development, Nitish Mittersain, Chief Executive Officer (CEO) and Joint Managing Director, Nazara Technologies, said, “Nazara Technologies has demonstrated its ability to attract top-tier investors who believe in our long-term vision of establishing India’s first globally respected gaming powerhouse. This Rs 900 crores fundraise will be instrumental in accelerating our growth across key segments. Additionally, increasing our stake to 91% in Absolute Sports (Sportskeeda) reinforces our leadership in the sports media landscape. The growth of Absolute Sports, from its early days as a startup to becoming a global media player, underscores our commitment to supporting innovative teams that consistently deliver transformational growth.”
