Nazara Technologies Limited, a leading gaming and sports media company in India, has raised its equity stake in its subsidiary, Next Wave Multimedia Private Limited, from 71.88% to 74.88%.
This increase follows Nazara’s acquisition of 1,000 additional equity shares, equivalent to a 3% stake, from Next Wave Multimedia’s founding shareholders.
On December 16, 2024, Nazara Technologies paid ₹2.31 crore in cash to the founding shareholders—P.R. Rajendran, R. Kalpana, and P.R. Jayashree—as part of the first tranche of the Share Purchase Agreement (SPA) signed on May 24, 2024. The SPA details the acquisition of 9,375 equity shares, representing a 28.12% stake in Next Wave Multimedia.
The remaining 8,375 shares, equivalent to a 25.12% stake, will be acquired in the second tranche for ₹19.33 crore. The company said it would pay in cash or by issuing NazaraTechnologies’ stock within six months of completing the first tranche.
In FY24, Next Wave Multimedia reported a turnover of ₹21.92 crore, a slight decline from ₹23.79 crore in the previous fiscal year. The company had posted a profit of ₹3.16 crore in FY23.
This development follows Nazara Technologies’ recent fundraising of ₹855 crore(approximately $100 million) from investors such as SBI Mutual Fund, Caratlane founder Mithun Sacheti, and Aamara Capital.
Subsequently, the publicly listed gaming giant announced plans to increase its stake in three key subsidiaries — Nodwin Gaming, Absolute Sports (parent company of Sportskeeda), and ad tech firm Datawrkz. Nazara also outlined plans to invest in kids’ play centre company Funky Monkeys and the edtech platform Learntube.ai.
On the financial front, Nazara reported a consolidated net profit of ₹16.24 crore in Q2 FY25, marking a 33% decline from ₹24.18 crore in the same quarter of the previous fiscal year.
At 12:50 PM, shares of Nazara Technologies were trading 1.87% higher at ₹1,052.15 on the BSE.
This acquisition ensures that Next Wave Multimedia remains a key subsidiary of NazaraTechnologies. Known for its popular mobile games, Next Wave has significantly driven Nazara’s growth since the company acquired its majority stake in 2018.
