Rakesh Jhunjhunwala acquires stake in Nazara Technologies for approximately Rs. 180 crore (December 2017)
Mumbai, December 12th, 2017: WestBridge Capital-backed Nazara Technologies today announced, that Rakesh Jhunjhunwala has acquired a minority stake in Nazara for approximately Rs. 180 Crore.
Nazara Technologies is a leading mobile games company which is engaged in the acquisition of, value addition to and distribution of mobile games across emerging markets.
Commenting on the recent investment made by Rakesh Juhunjhunwala, Nitish Mittersain, Managing Director & Founder, Nazara Technologies says, “We are delighted to have Rakesh Jhunjhunwala as an investor in Nazara and it is a great validation of value augmentation delivered by Nazara for its existing shareholders.”
Sandeep Singhal MD & Co founder WestBridge Capital added, “WestBridge has had a fantastic journey with Nazara and Nitish for 14 years and we welcome Rakesh Jhunjhunwala as an investor to join us on Nazara’s future journey.”
According to Mr. Rakesh Jhunjhunwala, “I am always on the lookout for promising companies which are leaders in high growth verticals. Nazara is a leading company in the mobile games business. Nazara has a consistent track record of delivering profits, cash flows, along with efficient use of capital and high ROE. I see a growth potential in the company.”
Nazara was one of the leading publishers by downloads on Google Play Store with more than 22 million downloads in India in the calendar year 2016 and the company crossed over 34 million downloads in the calendar Year 2017 until September 30, 2017. Nazara had over 10 million monthly active users in September 2017 across its network of games on Google Play Store.