Sports Gaming Business – 100 Cr Funding for Nazara: Gaming and sports media platform Nazara Technologies has raised ₹100 crore from Instant Growth Ltd (IGL), an investment vehicle of North America-based limited partners of Hornbill Orchid India Fund. IGL was advised by Hornbill Capital Advisers LLP, an India-based investment advisory firm founded by Manoj Thakur in 2014.
“The leadership team of Hornbill Capital has been part of the growth story of many consumer internet companies and we at Nazara look forward to leveraging their experience of working with some of the smartest tech entrepreneurs across the globe and having an inside view of blitz scaling of their portfolio companies in the last decade,” Nazara CEO Manish Agarwal said.
Earlier this year, Plutus Wealth Management and its associates acquired shares worth over ₹500 crore in Nazara Technologies, in which ace investor Rakesh Jhunjhunwala holds a stake, from WestBridge Ventures II Investment Holdings, marking the latter’s complete exit.
Hornbill Capital Advisers advises the limited partners of Hornbill Orchid India Fund in identifying investment opportunities in private consumer internet companies. Hornbill Orchid was an anchor investor to some of the marquee technology IPOs such as IndiaMart and Affle, said a company release.
Nazara has invested over ₹300 crore in the last five years in the Indian gaming ecosystem. It has acquired a majority stake in Nodwin Gaming (57.05 per cent) and Next Wave Multimedia (52.38 per cent), in addition to its investment in Absolute Sports Pvt Ltd (50.91 per cent), which operates the Sportskeeda and Paper Boat apps.