Business

WestBridge exits IPO-bound Rakesh Jhunjhunwala-backed gaming startup Nazara in secondary transaction

The market worth of Indian gaming phase is more likely to develop to greater than Rs 25,000 crore by 2024.

UK-based monetary advisor Plutus Wealth Management LLP and its associates have purchased shares value Rs 500 crore in Rakesh Jhunjhunwala-backed cellular gaming startup Nazara Technologies. The shares have been bought from Nazara’s early investor WestBridge Ventures’ non-public fairness fund WestBridge Ventures II Investment Holdings in a secondary transaction to offer latter the entire exit from the gaming firm that had developed standard video games corresponding to World Cricket Championship, Chhota Bheem Race, Motu Patlu Race, and many others. WestBridge Ventures had put round Rs 22.6 crore in Nazara and obtained gross sales consideration of round Rs 1000 crore from its funding.

“We believe gaming will be a prominent form of entertainment and will do well in the next decade. We believe that Nazara is well-placed to leverage on the vast available opportunity,” stated Arpit Khandelwal, Partner, Plutus Wealth Managing in a press release. With the newest deal, Nitish Mittersain who heads Nazara Technologies stated the corporate is seeing Plutus as a ‘long term investor’ in the corporate. The secondary exit has come forward of the corporate’s deliberate IPO this yr.

Also learn: Mukesh Ambani’s Reliance helps salvage India’s 2020 PE-VC funding climate even as deal volume declines

Apart from Jhunhunwala, who had put Rs 182 crore in 2017, Nazara had raised funding from IIFL Asset Management, Sequoia Capital, and others in the previous. Nazara had additionally invested greater than Rs 300 crore in gaming and associated startups in the previous 5 years. The firm had made investments and acquisitions in a number of gaming verticals corresponding to esports, edutainment, infotainment, fantasy sports activities, multiplayer video games like carrom and cellular cricket video games, and many others to construct a community in the interactive gaming and sports activities phase in India and expanded to different geographies together with Latin America, Southeast Asia, Africa, and many others.

India’s gaming sector had a market worth of round Rs 6,200 crore in 2019 and was more likely to develop to greater than Rs 25,000 crore by 2024 whereas the variety of individuals employed in the sector is anticipated to be greater than 40,000, in keeping with Statista. On the opposite hand, cellular gaming’s market worth was anticipated to hit round Rs 2965.4 crore market by 2022 whereas the variety of cell phone players in India was anticipated to be roughly 62.8 crores by 2020.

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