First Indian gaming start-up files IPO

Nazara Technologies has filed documents for an initial public offering.
Nazara Technologies has filed documents for an initial public offering.

Nazara Technologies, backed by magnate Rakesh Jhunjhunwala, has become popular for its cricket esports games.

India.- Nazara Technologies has become the first local gaming start-up to go public on the Indian Stock Market,

The Mumbai-headquartered firm, backed by magnate Rakesh Jhunjhunwala, has filed documents for an initial public offering with a sale of 49,65,476 equity shares.

Founded in 2000, by Nitish Mittersain, Nazara is one of the largest interactive gaming and sports media companies in India, known for its World Cricket Championship, Chhota Bheem and Motu Patlu games.

It has operations in over 60 countries, including in Africa, the Middle East, South East Asia, and Latin America.

In early 2020 Plutus Wealth Management and its associates acquired shares worth over Rs 500 crore of the company from WestBridge. It previously attempted to launch an IPO 2018.

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