Rakesh Jhunjhunwala backed firm raises Rs 300 cr, up 162% in 6 months

Nazara Tech, India's first listed gaming company backed by ace investor Rakesh Jhunjhunwala raised Rs 315 crore from investors including Singapore sovereign wealth fund GIC-managed investment firm Gamnat Pte Ltd and Ahmedabad-based Plutus Wealth Management.

Nazara Tech plans to use the funds to pursue strategic acquisitions across verticals to expand the company’s “Friends of Nazara” ecosystem. “Friends of Nazara”. The ecosystem network includes gaming startups in which Nazara holds majority stakes including Nodwin Gaming, Sportskeed, Halaplay and Openplay.

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The stock which had an issue price of Rs 1101 and listed this year in March has given shareholders a return of over 150% since listing. Rakesh Jhunjhunwala, known as the ‘Big Bull’, holds 10.82% stake or 32,94,310 shares in the gaming firm, as investment he made before the company listed. Jhunjhunwala's current holding in the company is worth over Rs 790 cr.