Nazara Technologies has acquired an additional 19.35 per cent stake in Sportskeeda’s parent company Absolute Sports for Rs 145.5 crore, bringing the gaming giant’s total ownership stake in Absolute to 91 per cent.
Absolute Sports has recently expanded by acquiring news platforms Pro Football Network (PFN) and SoapCentral, and gaming walkthrough platform Deltia’s Gaming.
Nazara Technologies’ board has approved a preferential equity issue to raise Rs 900 crores, subject to shareholder and regulatory approvals. This equity issue will be placed with marquee investors such as SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments and Aamara Capital.
Nazara Technologies CEO and founder Nitish Mittersain remarked, “Nazara has demonstrated its ability to attract top-tier investors who believe in our long-term vision of establishing India’s first globally respected gaming powerhouse. This Rs 900 crores fundraise will be instrumental in accelerating our growth across key segments. Additionally, increasing our stake to 91 per cent in Absolute Sports (Sportskeeda) reinforces our leadership in the sports media landscape. The growth of Absolute Sports, from its early days as a startup to becoming a global media player, underscores our commitment to supporting innovative teams that consistently deliver transformational growth.”
