Nazara Tech pledges $100 mn to propel global expansion via strategic M&A

  • IANS
  • Stock Market News
Nazara Tech pledges $100 mn to propel global expansion via strategic M&A

New Delhi, March 13 (IANS) Online gaming major Nazara Technologies (NS: NAZA ) on Wednesday said that it has pledged $100 million (around Rs 830 crore) to propel global expansion through strategic mergers and acquisitions (M&A) within the next 24 months. The company said it is looking for emerging possibilities in the gaming, esports, and adtech industries, with a particular focus on established gaming IPs/studios and also those advancing in cutting-edge technologies like web3, Virtual Reality (VR), and Artificial Intelligence (AI).

"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," Nitish Mittersain, Jt. MD & CEO of Nazara Technologies said in a statement.

"The $100 million pledge will further boost this opportunity for us in that direction. 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," he added.

This development comes after Nazara Technologies raised Rs 760 crore from marquee investors, such as Zerodha co-founder Nikhil Kamath, ICICI Prudential MF, SBI (NS: SBI ) Mutual Fund, and Plutus Wealth Management, among others. The company said it is poised for significant expansion in the coming years.

--IANS

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