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. Here we are talking about Nazara Technologies to take 100% ownership of Nextwave multimedia and reported a 43% increase in Pat in Q4.
Here we are talking about Nazara Technologies to take 100% ownership of Nextwave multimedia and reported a 43% increase in Pat in Q4:
The three-month operating revenue 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 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 solid 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 seeks 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 giant mobile-based cricket simulation game. The company focuses on developing causal and multiplayer sports-genre mobile games. The startup claims it has had over 100 million downloads across its platform in the past seven years. Nazara Technologies’ board has approved investing $2 million and $250,000 in the F4 fund’s maiden fund in the next three years in gaming-focused global VC startups. The startup operates in three sectors: gaming, esports, and advertising.
Conclusion
A sports media and advertising startup, Nazara Technologies, reported a 43% increase in PAT. The startup plans to buy the remaining stake in Nextwave Multimedia to own 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 and expand its gaming business.
The startup previously bought its majority stake and increased it to 41.88% in May 2023. It has recently purchased the remaining 28.12% stake for Rs 21.63 crore in two tranches. The startup operates in three sectors: 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 solid foundation for rapid scaling up in the future.
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