Nazara Technologies acquires 67% stake in Sportskeeda; eyeing IPO

Nazara Technologie,Nazara Technologie Investments,Sportskeeda,Sportskeeda Share Holders,Sports Business News India

Global interactive gaming and sports media company Nazara Technologies has acquired 67% in sports digital media platform Sportskeeda. The deal is reportedly agreed at around ₹ 44 crore.

The acquisition will add another 25 million active users to its existing active user base of 100 million. Nazara Technologies, the company that operates fantasy sports platform Hala Play and e-sports leagues and e-sports leagues under brand Nodwin Gaming, will next be looking for a IPO by early next year.

Nazara has been the most aggressive investor in the Indian gaming and sports media space in the last 18 months. This investment will also stand to benefit Nazara’s portfolio enabling cross networking opportunities while lending symbiotic synergy between the investee companies.

The company has built a strong network of companies in the interactive gaming and sports space through its investments and acquisitions in various gaming categories including e-sports, fantasy sports, mobile cricket games, and real money gaming among others.

Also Read: Nazara invests in vernacular social contesting platform Bakbuck

Nazara Technologies managing director Nitish Mittersain said that the company had been considering the acquisition for some time given the synergies between the platforms. “We at Nazara are building platforms for fan engagement across all aspects of sports entertainment and we believe that this move will serve a triple play offering to the 100 million strong network through content, competition and community across all emerging markets,” said Mittersain.

Earlier, Nazara and Sportskeeda had a content syndication partnership. Post the acquisition, Sportskeeda will continue to operate as a separate brand. Though the companies will continue to identify areas of collaboration, Mittersain said.

The deal will also give an exit to Sportskeeda’s early investor, Seed Fund.

“Nazara’s acquisition and investment into Sportskeeda is an important milestone in our journey. From our modest beginning as a multisport blog in 2009, we have become a one of a kind sports content platform,” said Porush Jain, founder and chief executive officer, Sportskeeda.

“We have our eyes set on becoming the world’s largest multi-sport platform by leveraging Nazara’s geographical reach in the sports-crazy Middle East & Africa markets,” he added.

Also Read: Nazara, Delta invest ₹40 crore in fantasy sport start-up HalaPlay