Nazara Raises INR 220 Cr from SBI Mutual Fund

Weeks after announcing its plans to raise INR 900 Cr from SBI Mutual Fund and other investors, gaming major Nazara Technologies has raised INR 220 Cr from the asset management company. 

In an exchange filing, Nazara said it has signed a share subscription agreement with SBI Funds Management Limited to issue 23.05 Lakh equity shares at INR 954.27 apiece. This translates to a total fund infusion of INR 219.99 Cr. 

With this capital infusion, facilitated by SBI’s Innovative Opportunities Fund, Nazara aims to bolster its expansion and growth efforts.

In September, Nazara said that its board had approved a preferential equity issue to raise INR 900 Cr. The company would raise the funds by issuing up to 94.31 Lakh fully paid equity shares at a price of INR 954.27 per share.

Shares of Nazara ended today’s trading session 2.98% lower at INR 899.20 on the BSE.

In January, Nazara’s board approved preferential allotment of equity shares to raise up to INR 250 Cr from ICICI Prudential MF, Plutus Wealth, and Zerodha cofounders Nikhil and Nithin Kamath. 

The company also secured INR 510 Cr from Zerodha cofounders and SBI Mutual Fund in 2023. 

Flush with funds, the company is on an acquisition spree. Most recently, it acquired a 48% stake in Pokerbaazi’s parent Moonshine Technology.

In March, Nazara said it has set aside $100 Mn for global expansion over the next two years. 

Last month, Nazara said it was acquiring a 15.86% stake in the gaming community platform GetStan Technologies for INR 18.4 Cr. 

The company also received the letter of intent (LoI) to acquire insolvency-ridden sports entertainment startup Smaaash Entertainment in August. In the same month, Nazara announced the acquisition of UK-based gaming studio Fusebox Games for INR 228 Cr.