WestBridge Capital-backed Nazara Technologies today announced, that IIFL Special Opportunities Fund has acquired a minority stake in Nazara for approximately Rs. 330 crore.
Commenting on the recent investment made by IIFL Special Opportunities Fund (including series thereunder), Nazara Technologies MD and founder Nitish Mittersain says, “We at Nazara, welcome IIFL AMC to join us on the exciting journey of tapping into the potential offered by gaming across the emerging markets in the Indian subcontinent, South East Asia, Middle East, Africa and Latin America.”
Earlier this year it was reported that the company has already initiated the IPO process and has brought in ICICI Securities and Edelweiss Financial Services for the same. This makes Nazara the first public listed gaming company in the country. The IPO should also be pleasant news for WestBridge Capital, the firm which invested Rs. 19 crore into Nazara Technologies between 2005 and 2007 and holds a 55 per cent stake in the company. With the IPO in place, WestBridge is projected to get around 75 to 80 times the return on their investment.
WestBridge Capital MD and co-founder Sandeep Singhal asserts, “WestBridge has been an investor in Nazara since 2005 and it is a matter of great pride to see the young company grow up into an adult the way it has. We believe that IIFL AMC’s addition as an investor will add value to the company’s future plans in meaningful ways.”
According to IIFL Asset Management CEO Prashasta Seth, “The gaming industry is expected to see growth in India & emerging markets. With its strong leadership and highly motivated team, Nazara is in a position to capture this growth and has the potential to emerge as a leading player in mobile gaming industry across emerging markets. We are happy to partner with the company in this journey and be a part of their growth story.”
IIFL Special Opportunities Fund (including series thereunder), has raised around US $1 bn and has invested in a number of companies in the last few months including ICICI Lombard, NSE, Capacite, IEX and Reliance Nippon AMC.
