Nazara raises $27 million from Rakesh Jhunjhunwala

Investor Rakesh Jhunjhunwala has invested $27 million in Nazara Technologies Private Limited, a toy and mobile game manufacturer.

According to reports, the amount was raised as part of a placement through secondary transactions.

IIFL Special Opportunities Fund recently bought a minority stake in Nazara Technologies for $51 million.

According to Nitish Mittersain, Founder and Managing Director (MD) of Nazara Technologies, “Having a marquee investor like Jhunjhunwala on board gives us a great confidence and also a validation of what Nazara has been building. He is coming in with a long-term perspective of 5-7 years.”

“We have raised a total of Rs 540 crore by way of such placements in the last one month,” Mittersain added.

“I am always on the lookout for promising companies which are leaders in high growth verticals. Nazara is a leading company in the mobile games business. Nazara has a consistent track record of delivering profits, cash flows, along with efficient use of capital and high return on investment. I see growth potential in the company,” Nazara quoted Jhunjhunwala in a press note.

In April 2017, Nazara invested an undisclosed amount in London-based mobile games studio TrulySocial. The investment was part of Nazara’s strategy to help foreign gaming firms enter the Indian market.