Gaming and sports media firms Nazara Technologies announced an investment of $2.5 million in the US based game fund Bitkraft Ventures. Of the $2.5 million in upto $0.875 million will be invested upfront, while the balance investment amount of $1.625 million will be deployed over a period of three years, said the company in a regulatory filing on the BSE.
Bitkraft Ventures is a leading investment platform for gaming and Web3 / blockchain projects globally. Nazara, with the above proposed investment, aims to build a network with Limited Partners (“LP”) as well as the investee companies to gain access into the global gaming ecosystem.
The announcement comes at the back of its recent partnership with Griffin Gaming Partners, in which Nazara has committed to invest $4 million.
Manish Agarwal, CEO, Nazara Technologies in a statement said, “Our investment in Bitkraft is in line with our long-term commitment to nurture and empower the gaming community across the world. Over the course of the next few years, this investment will enable us to work towards realizing our strategic vision of becoming the catalysts to empower the global gaming community and chart the next stage of growth in an increasingly connected and virtual world.”
Nazara aims to leverage the Bitkraft’s network for the following strategic initiatives, potential partnerships and/ or potential investment into the company & its subsidiaries. Securing deal flow for future M&A from the current portfolio of the funds as well as inflow of deals coming to funds. Look for co-investment opportunities into highly sought-after founders/ companies.
"Given our long-term relationship with Nazara we are very excited to get into this partnership for a win-win between Nazara, the Bitkraft Venture Portfolio companies and Bitkraft Ventures as a platform. The Partnership will help to increase the connectivity into the highly strategic Indian video games market. We have done multiple investments in the subcontinent and intend to do more in the future, in addition to supporting international Investment to drive growth in India," shared Malte Barth, founding General Partner at Bitkraft Ventures.
Nazara Technologies has acquired multiple companies over the past few years. The company has placed itself in a leading position in esports, interactive gaming and the gamified early learning space with the ‘Friends of Nazara’ network. Nazara has acquired a majority stake in Nodwin Gaming; Next Wave Multimedia, which operates World Cricket Championship (WCC), the largest mobile-based cricket simulation game, in addition to investment in Absolute Sports Private Limited, which operates Sportskeeda and Paper Boat Apps Private Limited - gamified early learning subscription app and OpenPlay - Skill Gaming.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU