Rakesh Jhunjhunwala’s gaming company raises 100 crore funding
On February 10, gaming and sports media company Nazara Technologies has raised Rs 100 crore from a Mauritius-based hedge fund. Instant Growth Ltd (IGL), an investment vehicle of the North America-based limited partners (LPs) of Hornbill Orchid India Fund, has made this investment.
Manish Agarwal, CEO of Nazara said to the Economic Times, “We are glad that they (Hornbill) share our conviction and excitement on the future of the gaming sector in India and the value creation potential which gaming offers to the investors.”
Manoj Thakur, managing partner of Hornbill Capital Advisers said to business daily, “We have been closely following Nazara’s journey over several years, as it evolved into a platform for gaming and gamified early learning. The leadership team of (cofounder) Nitish (Mittersain) and Manish have built Nazara into an attractive ecosystem for some of the most promising entrepreneurial talents in the Indian gaming and early learning space.”
Nazara Technologies has invested over Rs 300 crore in the last five years in the Indian gaming ecosystem. Nazara is the first Indian gaming technology company to seek a market debut.
Nazara has also acquired a majority stake in Nodwin Gaming, Next Wave Multimedia, which operates mobile-based gaming application World Cricket Championship (WCC).