Gaming company Nazara Technologies announced that its board approved acquiring a 10.77% stake in the influencer marketing platform Kofluence.
“Pursuant to share swap transaction, the Company is proposing to issue 3,71,637 Equity Shares at a price of Rs. 872.15/- per Equity Share aggregating to Rs. 32,41,23,210 (Rupees Thirty-Two Crores, Forty-One Thousand lakhs, Twenty-Three thousand, two hundred and nine only) (“Issue”) by way of preferential issue on private placement basis to the Sellers,” it said in a statement.
This move aims to assist Nazara in building a game discovery platform driven by influencers. Nazara plans to leverage influencers to promote its games across social media channels.
By having influencers customize content based on audience preferences, the company aims to generate excitement for new releases and boost downloads, according to a statement.
“Our goal is to create an environment where gaming collaborates with the creativity of influencers, enriching the gaming experience for a global audience. Our new game publishing initiative ‘Nazara Publishing’ will particularly benefit from this new initiative,” said Nitish Mittersain, Joint Managing Director and CEO of Nazara Games.
Bengaluru-based Kofluence has a network of slightly over 600,000 creators on platforms like Instagram, YouTube, Facebook, LinkedIn, and X (formerly Twitter).
Established in 2019 by Sreeram Reddy Vanga and Ritesh Ujjwal, this adtech platform serves users based on diverse performance metrics. The startup has secured $4 million in funding so far, with support from prominent angel investors such as Sujeet Kumar, Aprameya Radhakrishnan, and Kunal Shah.