Nazara to increase stake in Sportskeeda and gaming accessories firm Wings

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Nazara Technologies, the listed real money gaming company in a stock exchange filing said it would invest an amount of INR 20.10 crores in Absolute Sports Private Limited, which runs the Bangalore-based sports news website Sportskeeda.

Nazara said that the investment was approved by the board on Saturday and will be undertaken as a secondary purchase of equity shares from the Absolute promoter and one of the co-founders of Sportskeeda, Porush Jain. Sportskeeda recently established its 100 per cent owned subsidiary in the US by the name of Sportskeeda Inc.

Nazara also said it would invest up to INR 10 crore in Brandscale Innovations, the gaming accessories firm under the brand name Wings. The investment is by way of subscription to Optionally Convertible Debentures, payable in cash, in one or more tranches. Nazara in April said it would acquire a 35% stake in Brandscale through subsidiary NODWIN Gaming.

Also read: Nazara Technologies raises Rs 315 cr for strategic acquisitions, growth initiatives

The company stated, “Brandscale Innovations is currently performing exceptionally well and in order to further accelerate their growth, the company is making the aforesaid proposed investment.”

Nazara Technologies last year acquired Hyderabad-based OpenPlay for about Rs 186.4 crore. In August, Nazara acquired OpenPlay, a Hyderabad-based skill gaming company. This acquisition, Nazara stated, was worth Rs 186.4 crore. Last year, the CEO Manish Agarwal said a combination of acquisitions and growth helped Nazara grow in recent years. The esports leader also committed investments in venture funds BitKraft and Griffin Gaming Partners.