The company said that the incorporation of Nazara Technologies UK aligns its strategic objectives to expand its gaming business in the UK
Nazara also said that its head of strategic initiatives Dhaval Sheth has resigned and has been appointed as the CEO and CFO of Paper Boat Apps
Nazara saw its consolidated net profit decline 98% YoY to INR 18 Lakh in Q4 FY24, operating revenue fell 8% to INR 266.2 Cr
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Gaming major Nazara Technologies has incorporated a new subsidiary, Nazara Technologies UK Ltd, in the United Kingdom (UK) to expand its operations.
In a filing with the bourses, Nazara said, “The incorporation of Nazara UK aligns with the company’s strategic objectives to expand its existing gaming business in (the) UK”.
The company said that its new wholly-owned subsidiary has been incorporated with an authorised share capital of GBP 100 (around INR 10,683) – 1 Lakh shares of GBP 0.001 each.
In a separate filing, the company announced that Nazara’s head of strategic initiatives, Dhaval Sheth, has resigned and has now been appointed as the CEO and chief financial officer (CFO) of Paper Boat Apps, the developer and publisher of children’s digital gamified learning app ‘Kiddopia’.
Last month, Nazara said it acquired an additional 48.32% stake in Paper Boat Apps for INR 300 Cr to increase its shareholding to 100%.
The new UK-based subsidiary will enable Nazara to further expand its operations and tap into newer markets for its products.
The development comes at a time when Nazara has been pumping capital to acquire companies in droves as it looks to expand its operations. For instance, Nazara’s NODWIN picked up an additional 43.49% stake in a Germany-based marketing services company for gaming and esports, Freaks 4U Gaming, last month for INR 212.9 Cr.
Additionally, just a day ago, Nazara’s subsidiary Nextwave Multimedia completed the acquisition of casual freemium card game “UTP – Ultimate Teen Patti”.
The gaming major saw its consolidated net profit decline 98% to INR 18 Lakh in the fourth quarter (Q4) of the financial year 2023-24 (FY24) from INR 9.4 Cr in the year-ago period. Operating revenue fell 8% year-on-year (YoY) to INR 266.2 Cr in the quarter ended March 2024.
Shares of Nazara ended Thursday’s trading session 4.64% higher at INR 950.70 on the BSE.
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