Digital gaming and sports company Nazara Technologies has raised Rs 250 crore from Zerodha with backing from Kamath Associates and NKSquared, ICICI Securities, Plutus Wealth Management and others. This is the third tranche of funding of Rs 750 crore announced in July 2023.
The Board of Directors of Nazara Technologies has passed a resolution to issue 28,66,474 equity shares at an issue price of Rs 876.15 each to raise Rs 250 crore, as per NSE filings.
Kamath Associates and NKSquared invested Rs 100 crore, and ICICI Securities invested Rs 65 crore. Plutus Wealth Management and Chartered Finance contributed Rs 50 crore and Rs 25 crore to the new round, respectively.
The fresh funds will be utilized to invest in the firm's funding requirements and growth objectives, including making strategic acquisitions and investments in various corporate entities, Nazara said in filings. Following the fresh proceeds, Zerodha co-founder Nikhil Kamath’s two firms – Kamath Associates and NKSquared holding increased to 3.93% while Plutus Wealth will command a 6.63% stake.
With this, the company has concluded its Rs 750 crore fundraising announced last year. Kamath brothers invested Rs 100 crore in the first tranche, followed by Rs 410 crore from SBI Mutual Fund. Nazara is currently trading at Rs 936. Significantly, the company also touched its 52-week high of Rs 989.4 on Jan 15.
During Q3 FY24, its revenue from operations grew by 16.83% to Rs 297.24 crore, while the firm’s profits increased 7.86% to Rs 22.5 crore in the quarter ending December 2023.
