Nazara Technologies: Rakesh Jhunjhunwala backed Nazara Tech is now a leading gaming company.

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As Indian game developers begin to expand their global footprint, stakes in online gaming company Nazara Technologies, backed by ace investor Rakesh Jhunjhunwala, rose 20 percent after the firm reported a 22 percent rise in net profit in the June quarter this year.

Sensing the future of online gaming in India when the industry was still in its infancy, Jhunjhunwala holds 10.03 per cent or 65.88 lakh shares in Nazara Technologies, whose partnerships with global e-sports platforms, game publishers and brands have put it at the fore. E-sports company in the country.

Nazara is a diversified gaming and sports media platform with a presence in India and in emerging and developed global markets such as Africa and North America, focused on interactive gaming, e-sports and integrated early education ecosystems.

The company has well-known brands such as World Cricket Championship, Kiddopia in gamified elementary education, NODWIN and Sportskeeda in esports and esports media, and Halaplay, Qunami and OpenPlay in skill-based, fantasy and casual games.

The company is also known for its Chota Bheem and Motu Patlu series of games.

In the month of June, Nazara Tech’s net profit rose to Rs 16.5 crore compared to Rs 13.5 crore in the same quarter of the previous fiscal year.

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According to CEO Manish Agarwal, the multi-pronged approach to capture opportunities is yielding positive results and “we are on track with our growth plan for FY23”.

“We’ve seen stabilizing unit economics for the gamified preschool business,” he added.

In April, Nazara Tech announced a $2.5 million investment from US-based gaming fund BITKRAFT Ventures.

BITKRAFT Ventures is the world’s leading investment platform for gaming and web3/blockchain projects.

Nazara now aims to build a network to tap into the global gaming ecosystem. In the past few years, he has acquired several companies.

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