According to a file, the company’s board of directors has given its approval in principle to HalaPlay, a subsidiary of Nazara, to raise funds from identified investors.
In a separate development, Nazara purchased an additional 1.40% stake worth INR 96.16 lakh in its subsidiary Absolute Sports Private Limited (ASPL), which operates Sportskeeda.com
Following the transaction, Nazara’s stake in Sportskeeda increased from 63.90% to 65.30%
HalaPlay, the fantasy sports platform owned by Nazara Technologies, plans to raise over 18 Cr INR, according to the listed company’s filing with the Bombay Stock Exchange.
According to deposit, the company’s board of directors has given its agreement in principle to HalaPlay, a subsidiary of Nazara, to raise funds from identified investors, whose names were not disclosed in the file.
âAfter the completion of said transaction, the Company’s (Nazara) stake in HalaPlay will be diluted from 74.02% to 64.70%, on a fully diluted basis. In addition, there is no change in the management and control of HalaPlay at the end of the aforementioned transaction, âthe file reads.
Nazara did not respond to Inc42 questions about the names of the investors who supported HalaPlay during its last funding round.
Nazara buys more shares in Sportskeeda
In the same file, it is revealed that Nazara purchased an additional 1.40% stake worth INR 96.16 lakh in its subsidiary Absolute Sports Private Limited (ASPL), which operates the sports news site Sportskeeda. .com. Following the transaction, Nazara’s stake in ASPL increased from 63.90% to 65.30%.
Meanwhile, Nazara, a publicly traded Indian gaming company, recorded an 84% year-over-year (YoY) increase in its consolidated revenue, which stood at INR 454.2 Cr for the year. 2020-21 (FY21).
The gamified learning segment saw 820% revenue growth from INR 19.1 Cr in FY20 to INR 175.8 Cr in FY21. Likewise, esports revenue more than doubled to reach 170.1 Cr INR in FY21, compared to 84.2 Cr INR in the previous fiscal year.
Revenues from freemium, telecom subscriptions and real money games were 19.5 Cr INR, 74.9 Cr INR and 13.9 Cr INR respectively in fiscal year 21.
Founded by Vikash Mittersain and Nitish Mittersain in 2000, Nazara is a diverse games and sports media platform with a presence in India and global markets such as Africa and North America. The company specializes in interactive games, esports, and the gamified early learning ecosystem, and is well known for its variety of products, including the World Cricket Championship (WCC) and CarromClash (mobile games), Kiddopia (gamified early learning), Nodwin and Sportskeeda (esports and esports media, respectively) and Halaplay and Qunami (fantasy games and skill-based trivia).
Last month the company initial public offering (IPO) received a strong response with institutional and private investors.