Zerodha’s Nikhil Kamath Explores Increasing Stake In Nazara

Nikhil Kamath, the founder of Zerodha, is reportedly considering increasing his stake in Nazara Technologies, a mobile gaming company and sports media platform, to 3.5%.

Currently holding approximately 1% of Nazara, Kamath is in discussions to increase his personal investment in the company, CNBC TV18 reported.

Nazara Technologies, which is scheduled to hold a board meeting on September 4, has discussed its plans to secure additional funds. On August 30, the company announced that it would seek board approval to raise capital via the issuance of equity shares or securities on a preferential basis.

“Pursuant to Regulation 29 of the Listing Regulations, we wish to inform you that a meeting of the Board of Directors of Nazara Technologies Limited (the “Company”) is scheduled to be held on Monday, September 04, 2023, inter-alia, to consider and if thought fit, approve raising of funds by issuance of equity shares/ securities of the Company on a preferential basis,” the company said in an exchange filing.

In July, the gaming giant also secured the board’s approval to raise up to INR 750 Cr and increase authorised share capital to INR 50 Cr from INR 30 Cr. However, since then, there have been no reports confirming the shareholder approval of the same.

Earlier in August, Nazara pumped $500K into an Israeli game developer, Snax Games, to acquire the exclusive rights to publish the latter’s games in the Indian subcontinent and the Middle East on a revenue-sharing basis for the next five years. In May, the company said that it would increase its stake in Next Wave Multimedia to nearly 72%

The company’s consolidated net profit jumped to INR 61.4 Cr in the financial year 2022-23 (FY23) while revenue from operations soared 75% year-on-year (YoY) to INR 1,091 Cr during the period under review.