Nazara Technologies, a mobile gaming company and sports media platform based in Mumbai, is on the lookout for several acquisitions to enhance its presence in core gaming, eSports, and ad tech.
Nitish Mittersain, the Joint Managing Director and CEO of Nazara Technologies, shared the company's plans with CNBC-TV18, emphasising the focus on profitable companies with substantial growth potential.
"In the past, we have successfully acquired businesses and accelerated their growth. We aim to replicate this success by considering companies with a minimum revenue of ₹100 crore, which are already profitable," stated Mittersain. He anticipates closing one or two deals in the first quarter of the financial year 2025 based on the current deal pipeline.
One notable acquisition discussed by Mittersain is Kofluence, a leading platform with 600,000 influencers. Nazara Technologies envisions collaborating with Kofluence to create an outstanding game discovery platform promoted through social channels. This collaboration aligns with Nazara Publishing, a recently launched venture by Nazara Technologies.
Regarding the investment strategy, Nazara Technologies has received board approval to raise ₹250 crore through a preferential issue. Mittersain highlighted the significance of securing quality investors, with existing investors such as Nikhil Kamath, Plutus Wealth, and ICICI Prudential Mutual Fund subscribing to the latest tranche.
Mittersain emphasised that Nazara Technologies is a profitable, cash-flow-generating business. The raised funds will primarily be directed towards new mergers and acquisitions. "We have built a fantastic pipeline of opportunities over the last year, and we are diligently working on them. This capital infusion will fuel our faster growth in the coming years," he explained.
The CEO mentioned that the ₹250 crore will bolster Nazara Technologies' cash reserves, bringing the total to approximately ₹1,500 to ₹1,600 crore. This financial strength positions the company strategically for future endeavours and expansion.
(Edited by : Pihu Yadav)
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