Nazara - Prominent Sports And Gaming Media Company

Sarika Anand Sarika Anand
Oct 6, 2021 11 min read
Nazara - Prominent Sports And Gaming Media Company

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Nazara.

When it comes to online mobile gaming, India is known for having the largest number of players, and the Indian gaming industry is growing every year. It is currently valued at over $1.027 billion, as reported in 2020. As the market for games among the smartphone generation grows, so does the rivalry among gaming production companies.

Nazara is one of India's most prominent sports and gaming media companies. In countries including India, Africa, and Singapore, the company is a well-known mobile content platform provider and game publisher. By 2020, the company intends to launch its initial public offering (IPO). The Oggy game and the Chhota Bheem game series for kids are among their top-grossing smartphone titles.

This article will give a complete insight on the Success Story of Nazara. Along with it, we will also help you take a glance on Nazara's business model, funding, revenue model, how it started, acquisitions, investments and more

Nazara - Company Highlights

Startup Name Nazara Technologies
Legal Name Nazara Technologies Private Limited
Headquarters Greater New York Area, East Coast, Northeastern US
Industry Gaming, Mobile Gaming, Esports, Video Games
Founder Nitish Mittersain
Founded 2000
Current CEO Manish Agarwal

About Nazara and How It Works?
Nazara - Target Market Size
Nazara - Name, Logo and Tagline
Nazara - Founder and History
Nazara - Products
Nazara - Business Model
Nazara - Revenue and Growth
Nazara - Funding and Investors
Nazara - Investments
Nazara - Acquisitions
Nazara - Partnerships
Nazara - Competitors
Nazara - Challenges Faced
Nazara - Future Plans
Nazara - FAQs

About Nazara and How It Works?

Nazara Technologies, based in India, is a mobile game developer and sports media platform. In emerging markets such as India, Africa, Southeast Asia, the Middle East, and Latin America, the company provides a diverse range of gaming products in the digital games, interactive learning, e - sports, and gamified early learning ecosystems.

It also offers solutions for developing, deploying, targeting, and monitoring advertising campaigns on mobile networks, as well as wireless solutions that combine media companies' content, marketing messages, and wireless carriers' customer reach.

Nazara - Target Market Size

Kiddopia in gamified early learning (39% of revenue), Nodwin & Sportskeeda in eSports (32%), WCC & CarromClash in simulation games (5%), and Halaplay Technologies in real money games (3%) are among Nazara's most well-known IPs, while Telco Subscription accounts for 21% of revenue.

Its in-house content production, game engine growth, technology stack development, and partnerships with other gaming players can help the company achieve its goal of increased penetration and monetization.

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The global gaming market was valued at $ 151.55 billion in 2019 . This industryis expected to reach a value of $ 256.97 billion by 2025. It is expected toregister a CAGR of 9.17% over the period (2020 – 2025). Gamer’s experience iswhat all the emerging comapnies are focusing at. Every company i…

Nazara - Name, Logo and Tagline

The company was established as on December 8, 1999, in Mumbai, Maharashtra. Thereafter, the company was converted into a public limited company and the name of our Company was changed to Nazara Technologies Private Limited on December 13, 2017.

Nazara Logo

Nazara - Founder and History

Nitish Mittersain is the Founder and Managing Director at Nazara Technologies.

Nazara Technologies' Founder - Nitish Mittersain
Nazara Technologies' Founder - Nitish Mittersain

The company is a leading games company based in Mumbai that specializes in the acquisition of value-added mobile games and their distribution in emerging markets such as India. Africa's Middle East, South East Asia and Latin America are two of the world's most populous regions.

In the year 2000, Nitish Mittersain formed Nazara Technologies in Mumbai. However, after an unfortunate incident, the ground swept out from under his feet. In the same year, the first dotcom crash caused him to second-guess his decision and whether or not to back off. He didn't want to close his company, though, because it was the gateway to his dreams. Nitish did his best to withstand the burst of the bubble, and with some clear tactics and a little luck, he was able to do so.

There weren't many companies in India planning to develop gaming technology in the early 2000s. Mittersain's first approach, in order to benefit Nazara, was to invest in advertising and brand campaigning. He knew that if it caught the public's attention, investors would line up outside his door.

As a result, he invited Sachin Tendulkar, the legendary cricketer of the time, to join the team in 2004. Tendulkar eventually reached an agreement with Nazara Technologies after months of requesting and persuasion. His plan shifted the current competitors' attention away from him.

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Nazara - Products

The success of some of its mobile games on the Google Play Store, such as World Cricket Championship 2, Chhota Bheem Race, and Motu Patlu Game, reflects localized gamer insights. These games have consistently ranked in the top three games on the Google Play Store's top free charts, ahead of well-known titles like Candy Crush Subway Surfer and Temple Run.

Nazara - Business Model

Nazara works on a subscription based freemium business model. Subscription company, freemium business, and e - sports business are also part of the operations. The Subscription Business caters to a huge number of mobile internet users in developing markets, many of whom are first-time mobile gamers.

Due to gamers' low willingness to pay for online content, the Company has adjusted its product offerings to provide optimum value at reasonable prices. Subscription Business's sachet pricing approach allows gamers to sign up for a daily, weekly, or monthly subscription and gain access to the entire catalogue of over 1000 android games. Billing for Subscription Business is done by mobile carriers (carrier billing), which has made it easier for gamers to pay and for the company to raise revenue.

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Nazara - Revenue and Growth

Nazara Technologies' revenue increased by 84% to Rs 454.2 crore in FY21. Nazara Technologies' consolidated revenue increased by 84% to Rs 454.2 crore in the fiscal year 2020-21, owing to strong growth momentum in segments such as gamified learning and e-sports.

India accounts for approximately 41% of Nazara Technologies' sales, with North America contributing an equal share in FY21, up from 12% a year earlier. It did so after acquiring Kiddopia, a children's learning platform, in July 2020.

Nazara now has over 130 million monthly visitors and operates in 61 different countries. Nine of Nazara's in-house games were among the top three downloaded games on Google Play Store in 2017. Nazara recently purchased a 27.42% minority stake in Crimson Code, allowing the company to offer real money prizes for winning live quizzes. The firm bought a 67% stake in Sportskeeda in 2019.  Users pay subscription fees for access to gamified early learning content, and the company also makes money from its eSports business.

Nazara - Funding and Investors

Nazara raised around ($42.09 mn) Rs 315 crores through preferential allotment of fresh equity to its existing institutional investors namely Gamnat Pte Ltd and Plutus Wealth Management on October 6, 2021. These fresh funds will be used by the company for its upcoming growth initiatives and acquisitions across diverse business verticals including gamified learning, freemium, skill-based real money gaming and esports.

The Mumbai-based gaming giant had last witnessed a funding round worth $13.7M from Hornbill Capital Advisors in a private equity round on February 9, 2021. The company has raised $188.49 in total, as of October, 2021.

The funding and investors details of Nazara are as follows -

Date Round Amount Lead Investors
October 6, 2021 - $42.09 mn Gamnat Pte Ltd, Plutus Wealth Management
Feb 9, 2021 Private Equity Round $13.7M Hornbill Capital Advisers
Jan 5, 2021 Secondary Market ₹5B Plutus Wealth Management
Feb 8, 2018 Venture Round ₹260M Turtle Entertainment
Dec 1, 2017 Venture Round $51M IIFL Asset Management
Nov 28, 2013 Venture Round $801.5K -
Dec 27, 2007 Series B $7M Sequoia Capital
Oct 19, 2005 Series A $1.5M -
Apr 1, 2002 Seed Round Rajeev Chitrabhanu (MAGNETIC)

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Nazara - Investments

Nazara has made significant investments in various companies like CrimzonCode, Bakbuck, HashCube & more.

Date Organization Name Round Amount
Aug 21, 2019 Sportskeeda Series A $1.5M
May 7, 2019 Bakbuck Corporate Round -
Dec 10, 2018 HalaPlay Technologies Series A ₹400M
Aug 16, 2018 InstaSportz Consultancy Corporate Round -
Jul 3, 2018 CrimzonCode Corporate Round -
Jan 9, 2018 Next Wave Multimedia Venture Round -
Apr 7, 2016 TrulySocial Venture Round -
Nov 6, 2014 HashCube Series A $684.2K

Nazara - Acquisitions

Nazara has acquired various gaming, sports and media platforms including HalaPlay Technologies, Sportskeeda, Paper Boat Apps and more.

Here's a list of Nazara's Acquisitions to date -

Aquiree Name About Aquiree Date Amount
OpenPlay India's fastest skill-gaming company from Hyderabad August 27, 2021 $25.38M
Publish Me Full-service gaming marketing agency based in Turkey June 17, 2021 $2.67M
HalaPlay Technologies A daily fantasy sports platform. Jun 12, 2020 $1.95M
Paper Boat Apps Paper Boat Apps is a children's games development studio Oct 16, 2019 $11.15M
SportsUnity SportsUnity is a cricket quiz platform that provides a one of a kind experience simulating a real cricket match. Sep 18, 2019 -
Sportskeeda Sportskeeda App is your home for exclusive sports content. Personalize your app to receive alerts for your favorite teams and leagues. Aug 21, 2019 $5.87M
NODWIN Gaming NODWIN Gaming is a gaming solutions company and creator of e-sports events. Jan 24, 2018 -
MyGamma MyGamma is a Communities company. Jan 22, 2013 -
Djuzz Djuzz ( provides a rich variety of free downloads of close to 5000 mobile games and applications. Jan 22, 2013 -

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Nazara - Partnerships

Nextwave Multimedia, a subsidiary of gaming technology company Nazara Technologies, has partnered with Cricket Australia to create mobile-based cricket league games for the international market. Nextwave, a Chennai-based company in which Nazara owns a majority stake, has signed a three-year licencing agreement with Cricket Australia to create a new ‘Big Bash Cricket' game based on its iconic mobile cricket gaming platform.

Nazara - Competitors

Nazara's top competitors are Juego Studio, PlaySimple, Hammerplay Studios, Mobi2fun Mobile Entertainment, Flixy Games, Workboard, PickMe, Spireon and InfoStretch.

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Nazara - Challenges Faced

For several years, the development of digital services was stifled by prohibitive internet access, high smartphone prices, and a payment system that was underdeveloped. In a draught red herring prospectus, Nazara Technologies stated that "all of these regions exhibit market commonalities in terms of improving economic outlook and increasing digital adoption backed by bullish macroeconomic factors such as consistent GDP growth, the online population, younger median age, and fast growing, affordable smartphone market."

The business, which is backed by renowned stock market investor Rakesh Jhunjhunwala, first filed a draught red herring prospectus (DRHP) in January 2018 and also received SEBI approval for an IPO. However, due to a market downturn, the launch was cancelled.

  • Nazara Technologies announced a restated loss in fiscal year 2020 and for the six months ending September 30, 2020.
  • In the last three fiscal years, one of its group companies has lost money.
  • It might not be able to efficiently monetize its e-sports products, which could have a material and negative impact on the company's market, financial position, and cash flow.

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Nazara - Future Plans

“IPO is a huge milestone in our journey, and the journey is that we want to be in the top 5 global gaming companies. It is a strategic tool for us to achieve that goal,” said Manish Agarwal, CEO of Nazara.

However, there are several distinctions between the Indian and global gaming environments. According to Agarwal, the gaming industry is dominated by free-to-play games with in-app purchases, which drive global money revenue on the non-real gaming money side.

“In that, in-app purchases is driven by hardcore games. In India, if there are about 380 million gamers, out of that 300 will not do in-app purchases, it’s a very small segment today where people have an inclination to buy virtual items in a game. The driver of that is competitive multiplayer which needs high quality internet, stable connections. The infrastructure for that is improving in India but is still not there. When you have 200-250 million doing competitive gaming over there mobile networks, that's when you will see monetization,” he said.

But there is still reason to be optimistic. Gaming is becoming the go-to entertainment for young Indians aged 14 to 25, and this will drive development.

Nazara - FAQs

What does Nazara do?

Nazara Technologies, based in India, is a mobile game developer and sports media platform.

Who founded Nazara?

Nitish Mittersain is the Founder & Managing Director at Nazara Technologies.

How does Nazara Technologies make money?

Subscription companies, freemium businesses, and Esports businesses are also part of the operations. The Subscription Business caters to a huge number of mobile internet users in developing markets, many of whom are first-time mobile gamers.

What companies do Nazara Technologies compete with?

Nazara's top competitors are Juego Studio, PlaySimple, Hammerplay Studios, Mobi2fun Mobile Entertainment, Flixy Games, Workboard, PickMe, Spireon and InfoStretch.

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