The company will raise 250 crore by issuing equity shares to seven entities which includes Kamath Associates, NKSquared, Plutus Wealth Management, Chartered Finance & Leasing, ICICI Prudential ESG Fund, ICICI Prudential Flexicap Fund, ICICI Prudential Technology Fund.

This infusion of fresh funds will be utilized to invest in funding requirements and growth objectives of the company including for making strategic acquisitions and general corporate purposes.

The company said that the successful fundraise represents a significant milestone for it and concludes the planned fundraise of Rs 750 crore that was announced earlier in FY24.

Nitish Mittersain, founder & CEO of Nazara Technologies, said, “This not only reinforces their belief in our strategic vision and direction but also significantly strengthens our financial standing. With our consolidated cash reserves now exceeding Rs 1500 crore, Nazara is exceptionally well-positioned to pursue both organic growth and strategic acquisitions."

Further, the company’s board has also approved an acquisition of 10.77% stake in Kofluence Tech from certain existing investors of Kofluence through a share swap.

Kofluence is India’s leading social media influencer led marketing-tech platform with more than 600,000 registered creators across Instagram, YouTube, Facebook, LinkedIn, and Twitter representing more than 20 languages. Positioned as full stack marketing platform, Kofluence caters to performance metrics across creating awareness, interest, desire, and action. Having worked with more than 500 marquee clients across more than 20 sectors, Kofluence has helped brands unlock value through social media creators.

The company is proposing to issue 3,71,637 equity shares at a price of Rs 872.15 per equity share aggregating to Rs 32,41,23,210, by way of preferential issue on private placement basis to the sellers.

The partnership between Nazara Technologies and Kofluence aims to launch an influencer-driven game discovery platform. This initiative will utilize influencers to promote Nazara's games on various social media platforms.

Influencers can tailor their content to match their audience's preferences, creating buzz around new releases and driving downloads. This approach enhances Nazara's game visibility, enables targeted marketing, and allows for direct performance feedback, helping them penetrate diverse market segments.

Nitish Mittersain, joint managing director (MD) & chief executive officer (CEO) of Nazara Technologies, said, “Kofluence is pioneering creator economy led platforms and Sreeram's extensive gaming experience is invaluable to create a pioneering influencer led game discovery platform and community. Our goal is to create an environment where gaming collaborates with the creativity of influencers, enriching the gaming experience for a global audience. Our new game publishing initiative ‘Nazara Publishing’ will particularly benefit from this new initiative.”

Nazara Technologies is a diversified gaming & sports media platform with presence in India and across emerging & developed global markets such as Africa and North America. It has offerings across the interactive gaming, eSports, ad-tech and gamified early learning ecosystems including World Cricket

The company’s consolidated net profit jumped 94.3% to Rs 19.82 crore on 12.7% increase in net sales to Rs 297.24 crore in Q2 FY24 over Q2 FY23.

Shares of Nazara Technologies were lowered by 1.43% to Rs 923.60 on the BSE.