Gaming and sports media company Nazara Technologies has raised Rs 100 crore from Instant Growth Limited (IGL), which is advised by Hornbill Capital Advisers.

IGL is an investment vehicle of the North America-based limited partners (LPs) of Hornbill Orchid India Fund.

“We are glad that they (Hornbill) share our conviction and excitement on the future of the gaming sector in India and the value creation potential which gaming offers to the investors,” said Manish Agarwal, CEO, Nazara.

“The leadership team of Hornbill Capital has been part of the growth story of many consumer internet companies and we… look forward to leveraging their experience of working with some of the smartest tech entrepreneurs across the globe and having an inside view of blitz scaling of their portfolio companies in the last decade,” Agarwal added. The company has filed for an initial public offering in January.

Hornbill Capital Advisers (Hornbill Capital) is an India-based investment advisory firm founded by Manoj Thakur in 2014. Hornbill Capital acts as an advisor to Hornbill Orchid Investment Manager Pvt Ltd which manages Hornbill Orchid India Fund, a Mauritius-based hedge fund that invests in India as a Foreign Portfolio Investor.

“We have been closely following Nazara’s journey over several years, as it evolved into a platform for gaming and gamified early learning. The leadership team of Nitish (Mittersain) and Manish have built Nazara into an attractive ecosystem for some of the most promising entrepreneurial talent in the Indian gaming and early learning space,” said Manoj Thakur, founder and managing partner, Hornbill Capital Advisers.

“Through prudent capital allocation, we believe that the team at Nazara has demonstrated their ability to build a formidable presence in esports, gamified early learning and mobile gaming – some of the most exciting spaces in India over the next decade,” Thakur added.

Earlier this year, Plutus Wealth Management and its associates acquired shares worth over Rs 500 crore in Nazara from WestBridge Ventures II Investment Holdings, marking a complete exit for WestBridge Ventures II Investment Holdings.

Nazara has invested over Rs 300 crore in the last five years in the Indian gaming ecosystem. It has a majority stake in Nodwin Gaming (57.05%); Next Wave Multimedia (52.38%), which operates World Cricket Championship (WCC), the largest mobile-based cricket simulation game; Absolute Sports Pvt Ltd (63.90%), which operates Sportskeeda, and Paper Boat Apps (50.91%), a gamified early learning subscription app





News Of India

LEAVE A REPLY

Please enter your comment!
Please enter your name here