WestBridge Capital-backed Nazara Technologies has announced that IIFL Special Opportunities Fund has acquired a minority stake in Nazara for approximately Rs.330 crore.
Nazara Technologies is a leading mobile games company which is engaged in the acquisition of value addition to and distribution of mobile games across emerging markets.
Commenting on the recent investment made by IIFL Special Opportunities Fund (including series thereunder), Nitish Mittersain, Managing Director & Founder, Nazara Technologies, says, “We, at Nazara, welcome IIFL AMC to join us on the exciting journey of tapping into the potential offered by gaming across the emerging markets in the Indian subcontinent, South-East Asia, Middle East, Africa and Latin America.”
Sandeep Singhal, MD & Co-Founder, WestBridge Capital, added, “WestBridge has been an investor in Nazara since 2005 and it is a matter of great pride to see the young company grow up into an adult the way it has. We believe that IIFL AMC’s addition as an investor will add value to the company’s future plans in meaningful ways.”
According to Prashasta Seth, CEO, IIFL Asset Management Ltd, “The gaming industry is expected to see growth in India and emerging markets. With its strong leadership and highly motivated team, Nazara is in a position to capture this growth and has the potential to emerge as a leading player in the mobile gaming industry across emerging markets. We are happy to partner with the company in this journey and be a part of their growth story.”
IIFL Special Opportunities Fund (including series thereunder), has raised around US$1 billion and has invested in a number of companies in the last few months, including ICICI Lombard, NSE, Capacite, IEX and Reliance Nippon AMC.
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