Nazara Tech reserves Rs 830 cr for Mergers and Acquisitions in next 24 months

New Delhi: Gaming and sports media company Nazara Technologies Ltd on Wednesday said it has set aside about Rs 830 crore for Mergers and Acquisitions (M&As) in the next 24 months, with an eye on strengthening its global foothold.

The Indian gaming and esports firm recently raised Rs 760 crore via a preferential allotment that attracted investors such as Zerodha Co-Founder Nikhil Kamath, ICICI Prudential MF, and Plutus Wealth Management, among others.

The company introduced its "ambitious strategy to earmark USD 100 million (nearly Rs 830 cr) towards mergers and acquisitions (M&A) within the next 24 months".

This strategic initiative underscores Nazara's commitment to strengthening its global foothold and catalysing its evolution into an eminent gaming platform on the world stage, the company said.

"Nazara has seen significant success in its 'acquire and scale' strategy over the last few years as can be seen by the post-acquisition growth in Kiddopia, Nodwin Gaming, and Sportskeeda among others," Nazara Technologies Joint MD & CEO Nitish Mittersain said.

The company said it is on a quest to identify burgeoning opportunities within the gaming, esports, and adtech sectors with a particular focus on established gaming IPs/ studios and also those advancing in cutting-edge technologies like web3, virtual reality, and AI.

"We are particularly focused on investing in and acquiring gaming studios globally with a specific focus on India's 500 million gamers as well as the large North American market," Mittersain said.