Plutus Wealth & Associates purchase Nazara shares worth Rs 500 crore from WestBridge
India-based Nazara Technologies, which has interests in gaming, sports media and gamified early learning, today announced that Plutus Wealth Management LLP and its associated have acquired shares worth Rs. 500 crore in the former from WestBridge Ventures II Investment Holdings.
WestBridge Ventures II Investment Holdings is a fund managed by WestBridge Capital, and the shares were acquired in a secondary transaction between the parties.
WestBridge Capital, an early investor in Nazara since 2005, has now completely exited the company.
The company said that WestBridge Capital had invested an estimated Rs.22.6 crore rupees in Nazara, and claimed it got a sales consideration of around Rs.1000 crore from the investment.
Plutus Wealth managing partner Arpit Khandelwal said, “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. We are excited to begin our long-term journey with their goal and vision.”
WestBridge Capital co-founder Sandeep Singhal said, “WestBridge Capital backed Nitish at a very early stage back in 2005. Since then the company has created great shareholder value and created a market leader. We wish Nitish, Manish and entire Nazara group all the very best in their future endeavors.”
Nazara Technologies founder and managing director Nitish Mittersain said, “We are excited to onboard Plutus as a long term investor in Nazara. Creating value for all our stakeholders including our investors has always been very important for us and I am glad that we have been able to deliver a great return to WestBridge who backed us early on in 2005.”
Nazara has investors like IIFL Special Opportunities Fund and Mr. Rakesh Jhunjhunwala as its shareholders who had invested Rs.327 Cr in November 2017 and Rs.182 Cr in December 2017, respectively.
Nazara has invested over Rs.300 crore in the gaming ecosystem in the last 5 years. The company also has a presence across emerging and developed global markets such as Africa and North America. It has products like WCC and CarromClash in mobile games, Kiddopia in gamified early learning, NODWIN and Sportskeeda in esports and esports media, and Halaplay and Qunami in skill-based, fantasy and trivia games.