Nazara Technologies Secures INR 495 Cr in Strategic Stake Sale, Eyes Global Expansion Arpit Khandelwal, the founder of Plutus Wealth Management, and Mithun Sacheti, a co-founder of CaratLane, have declared an open offer to acquire an additional 26% stake of Nazara Technologies.

By Entrepreneur Staff

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Nitish Mittersain, CEO of Nazara Technologies

Gaming and esports platform Nazara Technologies has raised INR 495 crore by selling a 5.4% stake to Axana Estates LLP, led by existing investors Arpit Khandelwal and Mithun Sacheti.

The preferential issue, priced at INR 990 per share, received board approval, signaling a major vote of confidence in the company's growth trajectory.

The transaction triggers a public open offer, as per SEBI norms, with Plutus Wealth Management LLP, Axana Estates LLP, and Persons Acting in Concert (PACs) aiming to acquire an additional 26% stake. If fully accepted, the combined stakes of the acquirers, PACs, and existing promoters Vikash Mittersain and Nitish Mittersain will rise to 61.5%, reinforcing their hold on Nazara.

The infusion of capital is poised to supercharge Nazara's organic growth, fuel strategic acquisitions, and facilitate expansion into new markets, positioning it as a formidable player in the global gaming landscape.

Simultaneously, Nazara is strengthening its portfolio with the acquisition of intellectual property rights for two popular mobile games, 'CATS: Crash Arena' and 'King of Thieves,' from Barcelona-based developer ZeptoLab for INR 67 crore (USD 7.7 million). These titles will now be published under the "Nazara Publishing" banner, further boosting the company's reach in the global mobile gaming market.

Nazara's leadership, spearheaded by Chairman and Managing Director Vikash Mittersain and CEO Nitish Mittersain, remains committed to operating independently while leveraging this strategic partnership.

"This consolidation of ownership provides growth capital and strategic expertise to help Nazara emerge as a global leader in gaming and entertainment," said Arpit Khandelwal, Founder of Plutus Wealth Management. Mithun Sacheti added, "Gaming is the new frontier of consumer engagement, blending technology, entertainment, and community."

Nazara is now poised to redefine gaming entertainment, signaling an exciting new chapter in its journey.
Entrepreneur Staff

Entrepreneur Staff

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