NODWIN Gaming parent company Nazara Technologies Limited is set to become the first Indian gaming technology company to go public. The company filed its initial public offering (IPO) documents with the Indian market regulators on Jan. 15.
Nazara was founded by Nitish Mittersain in 2000 and then went on to be backed by Indian billionaire Rakesh Jhunjhunwala. The company has developed its own titles in the past, and invested in tournament organizer, NODWIN Gaming (a client of and a minority investor in AFK Gaming) and esport content portal, Sportskeeda. Nazara has been an active investor in the Indian gaming ecosystem and has invested more than ₹3B ($41M USD) in the last five years.
More recently, Nazara announced that Plutus Wealth Management LLP and its associates have acquired shares worth more than ₹5B INR ($68.3M) from a fund managed by WestBridge Capital. This marked the exit of WestBridge, who was reported to have invested a cumulative amount of ₹226M ($3.1M) in Nazara and obtained sales consideration of approximately ₹10B ($136.7M) from its investment.
Shounak Sengupta is a staff writer for AFK Gaming.
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