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Nazara Technologies Raises Rs 250 Crore in Funding Led by Kamath Associates & NKSquared

Nazara Technologies, a digital gaming and esports company, has successfully raised Rs 250 crore in its latest funding round.

The investment was led by Kamath Associates & NKSquared, companies backed by the co-founders of Zerodha, along with participation from ICICI Securities, Plutus Wealth Management, Chartered Finance, and others. This funding marks the third tranche of a total of Rs 750 crore that was announced in July 2023. Nazara Technologies plans to utilize the fresh capital to meet its funding requirements and support its growth objectives, which include strategic acquisitions and investments in various corporate entities.

The board of Nazara Technologies passed a resolution to issue 28,66,474 equity shares at an issue price of Rs 876.15 each, resulting in the fundraising of Rs 250 crore, according to filings with the National Stock Exchange. With this funding round, Zerodha co-founder Nikhil Kamath's two firms, Kamath Associates and NKSquared, will hold a 3.93% stake, while Plutus Wealth will command a 6.63% stake in Nazara.

This funding round concludes Nazara's total fundraising of Rs 750 crore announced in the previous year. The first tranche of Rs 100 crore came from the Kamath brothers, followed by Rs 410 crore from SBI Mutual Fund.

The company's stock is currently trading at Rs 936, reaching a 52-week high of Rs 989.4 recently. In the third quarter of FY24, Nazara reported a 16.83% growth in revenue from operations, reaching Rs 297.24 crore, and a 7.86% increase in profits, totaling Rs 22.5 crore, for the quarter ending December 2023.


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