Nazara Tech rises after Singapore arm announces investment in Bitkraft Funds

Nazara Technologies advanced 2.51% to Rs 1650 after the company said that Nazara Singapore will invest $2.5 million in BITKRAFT Funds.

Nazara Pte. (Nazara Singapore) is a wholly-owned subsidiary of Nazara Technologies.

Out of the total investment of $2.5 million, Nazara Singapore will invest $0.875 million upfront while the balance investment amount of $1.625 million would be deployed over a period of 3 years.

BITKRAFT Fund I and BITKRAFT Fund II have been collectively referred as 'BITKRAFT Funds'. Nazara Singapore will invest $1.25 million in both funds.

BITKRAFT Funds prefers to invest in gaming, e-sports, and interactive media. Nazara Singapore, with the above-proposed investments, aims to build a network with limited partners (LP) as well as the investee companies of that funds and to gain access to the global gaming ecosystem.

Nazara Technologies is one of the leading mobile games companies. It is India's leading diversified gaming and sports media platform with a presence across emerging and developed global markets such as Africa and North America, with offerings across the interactive gaming, eSports, and gamified early learning ecosystems.

The company's consolidated net profit declined 16.67% to Rs 8.50 crore on a 42.48% rise in sales to Rs 185.80 crore in Q3 FY22 over Q3 FY21.

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