On May 24, gaming and sports media firm Nazara Technologies said that they were buying a 28.12 per cent stake in Nextwave for Rs 21.6 crore. Nextwave is a developer of the World Cricket Championship, a mobile cricket game. The stake is being bought from the founder shareholders, including PR Jayashree, R Kalpana, and PR Rajendran.
In 2018, the company had already acquired a majority stake in Nextwave. In May 2023, the company increased its stake in Nextwave by 71.88 per cent.
After the completion of the transaction, the publicly listed gaming firm has said that it will consider merging the entity or its IP with Nazara Technologies Limited, the parent company. Nazara has also highlighted that they might deploy a similar playbook for new acquisitions and other existing games.
Read: Circle Of Games Raises $1 Million Funding From Nazara Technologies And The Hashgraph Association
Vikash Mittersain, the Managing Director of Nazara Technologies, said that the firm is increasing its investment as well as acquisitions and looking at larger deals in order to scale up its revenue. The company has reportedly earmarked Rs 830 crore for both mergers and acquisitions for the next 24 months.
Meanwhile, the company recently reported its Q4 results. Nazara Technologies announced a net profit of Rs 0.18 crore on May 24, a considerable decrease from Rs 9.4 crore in the same quarter last year.
The diverse gaming and sports media company reported a net profit from continuing operations of Rs 17.1 crore for the quarter, which is a 43.6 percent increase from the profit of Rs 11.9 crore in Q4 of FY23. Operations revenue for the quarter came in at Rs 266.2 crore, which represents an 8 percent YoY decrease from the same period previous year's revenue of Rs 289.3 crore.
The majority of the company’s revenue came from three segments, including gaming, e-sports, and adtech. Nazara Technologies is a multifaceted gaming and sports media platform that was founded in 1999. It provides several services, such as digital advertising technology, mobile gaming, and esports organizations. Nikhil Kamath of Zerodha and the late billionaire Rakesh Jhunjhunwala are investors in the company.
