Indian gaming and sports media startup Nazara has raised 1 billion rupees (US$13.7 million) in its latest round of funding, according to a statement.
Lead investor: Instant Growth Limited, an investment vehicle by the US-based partners of Hornbill Orchid India Fund.
Stage: Venture round
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Nazara said it has invested more than 3 billion rupees (US$41.2 million) over the last five years in India’s gaming scene, which includes the esports, interactive gaming, and gamified early-learning segments.
The company claims its esports content business jumped 60% in FY2020 from FY2019 and has grown by 9x in the last three financial years.
Nazara is proposing an initial public offering of its equity and has filed a draft red herring prospectus dated January 14, 2021.
The funding comes after UK-based Plutus Wealth Management and its associates acquired Nazara shares worth over 5 billion rupees (US$68.6 million) earlier this year from private equity fund WestBridge Ventures II Investment Holdings.