With 10% stake in InstaSportz, Nazara eyes on offline gaming segment
Mobile gaming publisher Nazara Technology seems to be eyeing to become a one-stop destination for game lovers. After creating a sensation in the online gaming segment with several acquisitions and fundraising, the Mumbai-based firm is looking to tap the offline market.
Marking its fourth investment this year, Nazara has picked up 10 per cent stake (minority stake) in virtual gaming startup InstaSportz Consultancy. Further, Nazara will increase the stake to 26 per cent by November and in future, it plans to have majority stakeholder in the Bengaluru-based startup.
The cumulative investment in InstaSportz may go up to Rs 15 crore.
According to Manish Agarwal, CEO of Nazara Technologies, the company aims to develop its portfolio companies into large scalable models where the incubation period is short.
He further added that betting on offline gaming startup is a part of company’s business strategy as it looks to create business verticals that can scale Rs 1,000 crore in revenues over the next 3-5 years.
With this investment Nazara will offer interactive entertainment to gamers in tier-II & III cities, on the other hand, InstaSportz will leverage Nazara’s platform to expand its presence through strategic local partnerships.
Founded in 2016 by Bigith Nambiar and K.R. Rahul, Instasportz has built state-of-the-art VR gaming kiosks called Instazones across malls and multiplexes.
Currently present in Kota, Ludhiana, Kozhikode, Bengaluru, Instasportz aims to increase its footprint in over 100 towns in India and global markets such as Asia, Africa, and West Asia.
So far, 2018 has been a prolific year for Nazara. Apart from raising Rs 26 crore from ESL, the gaming firm had acquired significant stakes in CrimzonCode, NODWIN, and Nextwave.
Founded in 2000 by Nitish Mittersain, Nazara is operational in more than 74 countries including India, Dubai, Singapore, and Mauritius.
The IPO-bound gaming firm is backed by Westbridge Capital Partners, Sequoia Capital, ESL, IIFL, and Rakesh Jhunjhunwala.
The development was reported by ET.
Source: Entrackr
