Nazara Technologies' board approves five investments worth Rs 196 cr

Gaming and sports media firm Nazara Technologies' board has approved five investments worth Rs 196 crore, including 100 per cent acquisition of stake in Sportskeeda owner firm Absolute Sports, the company said in a regulatory filing on Monday.

Of the total Rs 196 crore, Nazara will invest Rs 148 crore in existing subsidiaries, including Sportskeeda, Nodwin Gaming, and Datawrkz, to increase its ownership in them and support their growth.

The company will invest Rs 69 crore to purchase shares arising from exercise of ESOPs from the Sportskeeda management to increase its stake to 100 per cent in the company, making it a wholly owned subsidiary.

Nazara Technologies board approved investment of Rs 64 crore in its subsidiary Nodwin Gaming. The investment will be done through subscription of optionally convertible preference shares.

The funds will support Nodwin's expansion, enhance its intellectual properties (IPs), and strengthen its footprint in emerging markets, according to the filing.

Nazara granted in-principle approval for an investment of Rs 15 crore in subsidiary Datawrkz through the subscription of compulsorily convertible cumulative preference shares to support the ongoing growth of Datawrkz.

As part of its plan to expand presence in physical entertainment space, Nazara Technologies will invest Rs 43.7 crore to acquire 60 per cent stake in Funky Monkeys Play Centres, which operates 11 play centres for children across India.

"With this acquisition, the company aims to create an integrated ecosystem that spans both digital and physical gaming experiences. The synergies between the online gaming portfolio and Funky Monkeys' offline play centres will enable the company to offer a holistic entertainment experience to our young audience," the filing said.

Nazara will also invest Rs 4.2 crore for a 4.7 per cent stake in Learntube.ai which is a personalised learning platform that offers interactive gamified learning experiences for professional skilling.