Nazara Technologies is a sports media and diverse gaming startup that reported a 43% increase in  Profit After Tax. The startup also announced buying a 28.12% stake in Nextwave Multimedia. The  startup reported a substantial decrease in its Q4 net profit. The company focuses on developing causal  and multiplayer sports genre mobile games. 

The operating revenue for three months decreased by 8% to Rs 266 crore. However, the full-year revenue grew by 4.3% to Rs 1,138 crore. Profit After Tax from continued operations increased to Rs 89  crore. The company is closing or merging the entities that are not aligning with its future vision  including NZ Mobile Nigeria and Nazara Bangladesh. The startup is also evaluating its Singapore and  Mauritius entities. Nitish Mittersain, CEO of Nazara Technologies remained optimistic and stated that  FY24 has been a year focusing on a strong foundation for rapid scaling up in the future. 

The company faced an overall profit drop, but the net profit increased by 43.6 percent to Rs 17 crore  for the final quarter of FY24. As a part of a new operating model, the company is merging to increase  its stake in the Mobile Gaming industry. The startup is seeking to buy a 28.12% stake for Rs 21.63 crore  in two tranches. In the first tranche the startup will buy 1,000 shares for Rs 2.3 crore and the second  tranche will include the rest of the 8,375 shares at Rs 19.33 crore within the next 6 months of the first  tranche.  

Nextwave Multimedia is a developer of the World Cricket Championship franchise, the largest mobile based cricket simulation game. The company focuses on developing causal and multiplayer sports  genre mobile games. The startup claims that they had more than 100 million downloads across their  platform in the past 7 years. Nazara Technologies board has approved the investment in gaming focused global VC startups of $2 million and $250,000 in F4 fund’s maiden fund in the next 3 years.  The startup currently operates three sectors including gaming, esports, and advertising.  

Conclusion: 

A sports media and advertising startup, Nazara Technologies reported a 43% increase in PAT. The  startup is planning to buy the remaining stake in Nextwave Multimedia to take full ownership of the  company. Nextwave Multimedia is a developer of the World Cricket Championship franchise. The  company focuses on developing causal and multiplayer sports genre mobile games. This company plans to scale up its gaming business and expand in the market.

The startup previously bought its  majority stake and increased it to 41.88% in May 2023, and has recently bought the remaining 28.12%  stake for Rs 21.63 crore in two tranches. The startup currently operatesthree sectors including gaming,  esports, and advertising. The startup is also evaluating its Singapore and Mauritius entities. Nitish  Mittersain, CEO of Nazara Technologies remained optimistic and stated that FY24 has been a year  focusing on a strong foundation for rapid scaling up in the future.