Bengaluru, NFAPost: Nazara Technologies has become the first Indian gaming startup to file the initial public offering (IPO) documents with India’s market regulator on Friday. The Mumbai-based startup has been backed by billionaire Rakesh Jhunjhunwala as the tech IPO rush kicks off in the world’s second-largest smartphone market.
Riding on the success waves created by Paytm and Walmart Inc.’s Flipkart, a slew of other Indian startups like Nykaa E-Retail Pvt. and food delivery startup Zomato are poised to kick-off IPOs as early as the first half of 2021.
Nazara has put up 4.96 million equity shares for sale with key investments pouring in from strategic partners like Plutus Wealth Management, IIFL Special Opportunities Fund and Turtle Entertainment. The gaming startup has announced a face value of 4 rupees per share, according to the IPO filed.
Founded by gamer Nitish Mittersain in 2000, Nazara has established itself among India’s leading interactive gaming and sports media companies. Motu Patlu series, Chhota Bheem and World Cricket Championship have been the hallmark of the company for several years.
With the booming smartphone gaming market, Nazara has spread its operations over 60 countries in emerging markets including South East Asia, India, Africa, Middle East and Latin America. The company’s hosting content portfolio now includes Esports business, Freemium business and subscription business.
Nazara has consolidated its position in the entertainment market with the acquisition of several IPs and fellow gaming startups in India. Some of the company’s recent acquisitions include WCC and CarromClash in mobile games, NODWIN and Sportskeeda in esports and esports media and Kiddopia in educational gaming content.
Meanwhile, Facebook Inc. and Alphabet Inc.’s Google have invested billions in business partnerships with local telecom operator, Reliance Jio. The advent of the digital era with affordable data rates for 1.3 billion people and its booming smartphone market have accelerated growth for these startup hubs in India.
Nazara Technologies seems well set for another rewarding year in 2021, after its impressive revenue consolidation records for two consecutive years in 2019 (₹183 crore) and 2018(₹180 crore).