Nikhil Kamath, co-founder of Zerodha brokerage firm, is now looking to invest in Nazara Technologies, one of the largest gaming and sports media companies in India, according to a CNBC report. Kamath is reportedly looking to buy a 3.5% stake in Nazara Technologies.

Nodwin Gaming is a leading esports organisation in the country, owned and operated by Nazara Tech. The company recently completed a $28 million funding round, which was co-led by Nazara Tech, Krafton, and JetSystemsys. Additionally, Sportskeeda is another prominent sports media subsidiary of Nazara Tech.

Currently, Kamath holds about 1% of Nazara. Kamath has also recently expressed his support for the video games industry and esports, saying that it is a good market to invest in after the GST revamp for online pay-to-play games.

The BoD of Nazara Tech also cleared the plan to raise Rs 750 crore by issuing preferential shares or securities. The board meeting is scheduled to take place on September 4, according to the company’s exchange filing.

“Pursuant to Regulation 29 of the Listing Regulations, we wish to inform you that a meeting of the Board of Directors of Nazara Technologies Limited (the “Company”) is scheduled to be held on Monday, September 4, 2023, inter alia, to consider and, if thought fit, approve the raising of funds by issuance of equity shares or securities of the Company on a preferential basis,” it said.

Now that the GST rate has changed for pay-to-play gaming, a lot of foreign investors are investing in the video game industry, game development, and esports. Krafton has promised to invest up to $150 million, divided into three sections: investing in big companies, tech and AI companies, and startups.

Mixi, another Japanese social networking service, has joined India’s gaming market with a $50 million investment fund for early-stage startups.

Credit: Gateway To Gaming