Nazara Technologies secures $49M funding from SBI Mutual Fund

India's diversified gaming and sports media company, Nazara Technologies Limited, has secured an impressive funding of $49.2M from the reputable SBI Mutual Fund. Nazara operates in three main territories: gaming 🎮, sports media 📺, and fantasy sports 🏆.

• Funding Specifics: The substantial amount of $49.2M will be invested by SBI through its three funds: SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund.

• Post-IPO and Valuation: This financial boost comes at the post-IPO stage, raising Nazara's valuation to an impressive $230M.

• Future Plans: The fresh funding will fuel strategic acquisitions and investments in other gaming and sports media firms. Nazara also has its eye on new ventures including esports and blockchain gaming, while further international expansion is on the horizon.

Nitish Mittersain, CEO of Nazara Technologies, expressed his excitement about the funding, saying it's a crucial milestone towards making India a global gaming nation.

This news follows hot on the heels of the recent investment of $12M in Nazara by the founders of stockbroking firm Zerodha.