Nazara Technologies To Acquire Stakes In Five Companies For Rs 196 Crore
With its acquisition of a 60% stake in Funky Monkeys for Rs 43.7 crore, Nazara has expanded into the physical entertainment segment.
Nazara Technologies Ltd. announced on Monday an investment of Rs 196 crore across five companies as part of its strategy to solidify its position across the gaming and entertainment ecosystems, according to an exchange filing.
In a meeting, the diversified gaming and sports media company's board of directors approved proposals to acquire stakes in Funky Monkeys Play Centre Pvt., BeNinja Solutions Pvt., Nodwin Gaming Pvt., Datawrkz Business Solutions Pvt., and Absolute Sports Pvt.
"Nazara is committed to building the largest diversified gaming and entertainment platform out of India and many of our initiatives announced today are geared towards propelling profitable growth in these strategic areas of our interest," Chief Executive Officer Nitish Mittersain said.
With its acquisition of a 60% stake in Funky Monkeys for Rs 43.7 crore, Nazara has expanded into the physical entertainment segment. Funky Monkeys operates 11 indoor soft play centres for children across India, offering them interactive play experiences.
Binita Putcha and Sanjay Ghadiali, co-founders of Funky Monkeys, see synergies with the digital IPs owned by Nazara, such as Kiddopia, and would work to "maximise these opportunities".
Nazara will also invest Rs 4.2 crore for a 4.7% stake in BeNinja Solutions, which owns and operates education technology platform LearnTube — an AI-powered platform that provides a 1:1 interactive and gamified learning experience for professional skilling.
LearnTube Co-Founder Shronit Ladhani called the collaboration "a bold step forward in reshaping professional learning and interactive media".
Nazara's infusion of Rs 64 crore into subsidiary Nodwin will support the e-sports tournament organiser and team manager's expansion, and enhance its intellectual properties, as well as strengthen its footprint in the emerging markets.
These shares will "be issued by Nodwin, on such terms and conditions, as mutually agreed in the Securities Subscription Agreement, proposed to be entered into between the company and Nodwin, subject to compliance with the applicable laws", it said.
Its Rs 69-crore investment in equity shares of Absolute Sports will make the Sportskeeda-owner Nazara's wholly owned subsidiary. This will be a result of the company acquiring employee stock options from the Sportskeeda management.
Shares of Nazara closed 0.92% higher at Rs 1,010.40 apiece on the BSE, compared to a 0.56% advance in the benchmark Sensex on Monday.
