The board of sports and sports company Nazara Technologies has approved five investments worth Rs 196 crore, including the acquisition of 100 percent stake in Sportskeeda’s owner Absolute Sports, the company said in an official filing on Monday.
Of the total Rs 196 crore, Nazara will invest Rs 148 crore in existing subsidiaries, including Sportskeeda, Nodwin Gaming, and Datawrkz, to increase its ownership in them and support their growth.
The company will invest Rs 69 crore to buy shares from the exercise of ESOPs from the management of Sportskeeda to increase its stake to 100 percent in the company, making it a wholly owned subsidiary.
The board of Nazara Technologies has approved an investment of Rs 64 million in its subsidiary Nodwin Gaming. The investment will be made by subscribing to convertible preferred shares.
The funds will support Nodwin’s expansion, develop its intellectual property (IP), and strengthen its presence in emerging markets, according to the filing. Nazara has given an in-principle approval for an investment of Rs 15 crore in Datawrkz managed through subscription of compulsorily convertible debentures to support the continued growth of Datawrkz.
As part of its plan to expand presence in the physical entertainment space, Nazara Technologies will invest Rs 43.7 crore to acquire a 60 percent stake in Funky Monkeys Play Centers, which operates 11 children’s play centers across India.
“Through this acquisition, the company aims to create an integrated ecosystem that combines both digital and physical gaming experiences. The synergy between the online gaming portfolio and Funky Monkeys’ offline gaming centers will allow the company to provide a complete entertainment experience to our new audience.” said the report.
Nazara will also invest Rs 4.2 crore to acquire a 4.7 percent stake in Learntube.Ai which is a personal learning platform that provides an engaging learning experience for professional skill.
