Nazara Technologies raises Rs 900 crore in strategic fundraise, boosts stake in Absolute Sports

In a pivotal move to accelerate growth and fortify its market position, Nazara Technologies, a listed gaming and media firm, has approved a preferential equity issue to raise Rs 900 crore from a consortium of investors, including SBI Mutual Fund, Junomoneta Finsol, Think Investments, Discovery Investments, and several prominent individuals such as Mithun Sacheti and Siddhartha Sacheti.

The capital infusion, announced on Wednesday, is aimed at fueling strategic acquisitions, expanding business operations, and strengthening Nazara's capacity to seize new growth opportunities. This fundraise marks the largest in the company's history, underscoring its robust market appeal and investor confidence.

In conjunction with the fundraise, Nazara has also acquired an additional 19.35% stake in Absolute Sports, the parent company of the popular sports news website Sportskeeda, for Rs 145.5 crore.

The payment structure consisted of half in cash and the remainder settled through stock, bringing Nazara's total ownership in Absolute Sports to an impressive 91%.

Nitish Mittersain, CEO & Joint Managing Director of Nazara Technologies, commented, "Nazara 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-crore fundraise will be instrumental in accelerating our growth across key segments. Additionally, increasing our stake to 91% in Absolute Sports reinforces our leadership in the sports media landscape."