Nazara Technologies rallied 3.39% to Rs 1,732.10 after its wholly owned subsidiary, Nazara Pte., announced their investment in the US-based game fund, Bitkraft Ventures.
Nazara Technologies will invest $2.5 million in Bitkraft Ventures out of which $0.875 million will be invested upfront, while the balance investment amount of $1.625 million will be deployed over a period of three years.
Bitkraft Ventures is an investment platform for gaming and Web3 / blockchain projects. Nazara Technologies, with the proposed investment, aims to build a network with Limited Partners (LP) as well as the investee companies to gain access into the global gaming ecosystem.
Nazara aims to leverage the Bitkraft Ventures network for the following strategic initiatives: a) potential partnerships and/ or potential investment into the company & its subsidiaries; b) securing deal flow for future M&A from the current portfolio of the funds as well as inflow of deals coming to funds; and c) co-investment opportunities into highly sought-after founders/ companies.
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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