A sports media & gaming startup, Nazara Technologies had a 16.8% increase in its share reaching the  Rs 814 mark. The startup previously also announced buying a 28.12% stake in Nextwave Multimedia. The company focuses on developing multiplayer and casual sports genre mobile games. Nazara Shares opened at Rs 714.15 and trading at Rs 804. 

The increase in shares is due to its subsidiary Absolute Sports, which acquired all assets of a  Pennsylvania-based entertainment news site, for Rs 11.6 crore. After this acquisition, the company  aims to become the leading sports and entertainment focus brand in the US market. Founded in 2009,  Absolute Sports is a global sports media platform that covers esports and sports topics. The platform  claims to have more than 100 million reaches monthly. The company was acquired by Nazara  Technologies in 2019 as a plan to expand globally.  

The startup faced a total 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 startup was planning to increase itsstake  in the Mobile Gaming industry. The company’s net profit declined by 98% to ERs 18 lakh in Q4 FY24  from Rs 9.4 crore in FY23. 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. Nitish Mittersain, CEO of Nazara Technologies  mentioned that the company is focusing on a strong foundation for rapid scaling up. 

The board at Nazara Technologies approved the investment in gaming-focused startups of $2 million  and $250,000 in the next 3 years. The company currently operates three sectors including gaming, advertising, and esports. The operating revenue of the startup decreased by 8% on a year-on-year basis to Rs 266 crore in the fourth quarter of FY24. Operating profit increased to Rs 17.1 Crore in the  same duration. 

Conclusion: 

A sports media and gaming startup, Nazara Technologies reported a 16.8% increase in its shares to Rs  814. The startup previously also announced buying a 28.12% stake in Nextwave Multimedia. The  company focuses on developing multiplayer and casual sports genre mobile games. Nazara Shares opened at Rs 714.15 and trading at Rs 804. The company focuses on developing sports-genre mobile  games and expanding 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 increase in shares is due to its subsidiary Absolute Sports, which acquired all assets of a  Pennsylvania-based entertainment news site, for Rs 11.6 crore. After this acquisition, the company  aims to become the leading sports and entertainment focus brand in the US market. The company  focuses on developing multiplayer and casual sports genre mobile games. Nazara Shares opened at Rs  714.15 and trading at Rs 804. As a part of a new operating model, the startup was planning to increase  its stake in the Mobile Gaming industry.