Rakesh Jhunjhunwala the stock broker. Picture Courtesy: Times of India

Rakesh Jhunjhunwala the stock broker. Picture Courtesy: Times of India 

Rakesh Jhunjhunwala-backed Nazara Tech is now a major gaming firm

Newsroom Aug 16, 2022

Jhunjhunwala, who understood the future of online gaming in India when the industry was still in its infancy, owned 10.03 per cent or 65.88 lakh shares in Nazara Technologies.

Overview:

  • As the Indian game developers begin to expand their global footprint, shares of ace investor Rakesh Jhunjhunwala-backed online gaming company Nazara Technologies.
  • Nazara surged 20 per cent after the firm reported a 22 per cent rise in net profit for the June quarter this year.
  • BITKRAFT Ventures is a global leader in investing in gaming and Web3 / blockchain companies.

Shares of Rakesh Jhunjhunwala-backed online gaming business Nazara Technologies increased 20% after the company announced a 22% increase in net profit for the June quarter of this year, as Indian game makers started to broaden their worldwide reach.

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Jhunjhunwala, whose relationship with international Esports platforms, game publishers, and brands has made him a leader, predicted the future of online gaming in India while the sector was still in its infancy and held 10.03 per cent or 65.88 lakh shares in Nazara Technologies. Esports organisation in the nation.

Rakesh Jhunjhunwala with Esports beginning

Rakesh Jhunjhunwala-backed online gaming business Nazara Technologies. Picture Courtesy: Times of India.

With products in interactive gaming, Esports, and gamified early learning environments, Nazara is diverse gaming and sports media platform with a presence in India and growing and established international markets, including Africa and North America.

World Cricket Championship, Kiddopia in gamified early learning, NODWIN and Esports media, Halaplay, Qunami, and OpenPlay in skill-based, fantasy, and trivia games are just a few of the company's most well-known products. The Chhota Bheem and Motu Patlu game series are other business trademarks.

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Compared to the comparable quarter of the prior fiscal, Nazara Tech's consolidated net profit increased to Rs 16.5 crore from Rs 13.5 crore. In the words of CEO Manish Agarwal, the multi-pronged strategy for seizing opportunities has gained significant momentum and said they are in line with their projected growth targets for FY23."

Rakesh Jhunjhunwala with Nazara Technologies. Picture Courtesy: Times of India 

He said the unit economics for the Gamified Early Learning business have also stabilised. Nazara Tech said in April that it had invested $2.5 million in the American gaming fund BITKRAFT Ventures. Globally, BITKRAFT Ventures is a top platform for investing in blockchain, Web3, and gaming startups.

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Nazara is now working to create a network to obtain access to the international gaming industry. Over the last five years, it has bought a lot of businesses. Keep up with important tech and startup news. Sign up for our daily newsletter to get the most recent and vital tech news sent to your inbox.

You can also download the Tournafest app from Google Play or App Store to play Esports Tournaments & Scrims games like BGMI, Free Fire MAX, Call of Duty, CS: GO, Valorant, Pokemon Unite & win exciting rewards! You may also organize Tournaments & fetch unmatched perks.

Until next time,

#liveitforgaming

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Manish Gupta

I’m a creative thinker. I think it’s important to approach tasks and issues from different angles, rather than doing what has always been done. By having an open mind and taking a different approach.