WestBridge Capital-backed gaming company Nazara Technologies has said that IIFL Special Opportunities Fund has acquired a minority stake in the company for approximately INR 330 crore.
Nazara Technologies is a 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), Nazara Technologies founder and MD Nitish Mittersain said, “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.”
WestBridge Capital co-founder and MD Sandeep Singhal said, “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.”
IIFL Asset Management CEO Prashasta Seth said “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 mobile gaming industry across emerging markets. We are happy to partner with the company on this journey and be a part of their growth story.”
IIFL Special Opportunities Fund (including series thereunder) has raised around $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.