Nazara Technologies raises Rs 900 crores, increases its stake in Sportskeeda to 91%

Nazara Technologies has announced a preferential equity issue to raise INR 900 crores, pending shareholder and regulatory approvals. This funding will be used for strategic acquisitions, business expansion, and pursuing new growth opportunities.

The preferential equity issue amounting to Rs 900 crores will strengthen Nazara’s financial foundation for long-term expansion. These shares will be subject to SEBI regulations and lock-in requirements as per Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018.

In a parallel development, Nazara also acquired an additional 19.35% stake in Absolute Sports, the parent company of Sportskeeda, for Rs 145.5 crores, with 50% of the consideration paid in cash and the remaining amount in stock. With this, Nazara now holds a 91% ownership stake in Absolute Sports, solidifying its leadership position in the sports media domain.

Nitish Mittersain, CEO and Jt MD of Nazara Technologies 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 INR 900 crores fundraise will be instrumental in accelerating our growth across key segments. Additionally, increasing our stake to 91% 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."