Nazara Technologies Limited announced on Tuesday that Plutus Wealth Management LLP and its associates have acquired shares worth over Rs 500 Crores in Nazara from WestBridge Ventures II Investment Holdings. The latter is a fund managed by WestBridge Capital.
This transaction marks the complete exit from Nazara by WestBridge Ventures, an early investor in Nazara since 2005. WestBridge Ventures invested a total amount of around Rs. 22.6 Crores in Nazara and obtained sales consideration of approximately Rs. 1,000 Crores from its 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 Singhaladded: "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 MD Nitish Mittersain commented: "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 is a major player in the Indian gaming space and boasts a range of investors.
Nazara has been the most aggressive investor in the Indian gaming ecosystem and has invested over Rs. 300 Crores in the last five years. Nazara pledged to invest US$20 million in start-ups during 2020.
Nazara has investments and acquisitions in various gaming categories, including esports, edutainment, infotainment, fantasy sports, multiplayer games, mobile cricket games, and more.