Nazara Technologies raises Rs 100 crore as it gets ready for IPO

In the run-up to its IPO, gaming enterprise Nazara Technologies has raised Rs 100 crore from Instant Growth Limited (IGL), an investment vehicle of the limited partners of Hornbill Orchid India Fund.

Last month, Plutus Wealth Management and its associates acquired shares worth over Rs 500 crore in Nazara from WestBridge Ventures II Investment Holdings, marking a complete exit for WestBridge.

Nazara also filed a Draft Red Herring Prospectus -an offer document to go public- with SEBI in January this year. According to the DRHP, the public issue is for a sale of 49.65 lakh of equity shares by the promoters and existing shareholders.

Nazara said it has invested over Rs 300 crore in the last five years in the Indian gaming ecosystem.

“We welcome Hornbill Capital’s entry into the Indian gaming ecosystem with their investment in Nazara. We are glad that they share our conviction and excitement on the future of the gaming sector in India and the value creation potential which gaming offers to the investors,” Manish Agarwal, CEO, Nazara, said.

“Through prudent capital allocation, we believe that the team at Nazara has demonstrated their ability to build a formidable presence in esports, gamified early learning and mobile gaming – some of the most exciting spaces in India over the next decade,” Manoj Thakur, founder and managing partner, Hornbill Capital Advisers, said.