HalaPlay, a fantasy sports platform owned by Nazara Technologies is all set to raise INR 18 crore. This was reflected in the company’s filing with the Bombay Stock Exchange.
As per the details attained from the filing, the board of directors of the company has granted in-principle approval for HalaPlay which is a subsidiary of Nazara to raise funds from identified investors. The names of these investors are yet to be revealed and are not included in the filing either.
As per the filing,
“Post completion of the said transaction, the stake of the Company (Nazara) in HalaPlay will be diluted from 74.02% to 64.70%, on a fully diluted basis. Further, there is no change in the management and control of HalaPlay upon completion of the aforesaid transaction.”
Stake in Sportskeeda
The filing also revealed a 1.40% equity stake that is worth Rs 96.16 lakh that has been bought by Nazara in Absolute Sports Private Limited (ASPL). The news website Sportskeeda.com is run by ASPL. The transaction has been of significant effect in raising Nazara’s stake in ASPL to 65.30% from a previous 63.90%.
Nazara had also registered a year-on-year jump of 84% in consolidated revenue which amounted to a total of Rs 454.2 crore for the fiscal year 2020-21.
Growth in revenue up to 820% was also registered by the gamified learning segment. The revenue went up from Rs 19.1 crore in 2020 to a total of Rs 175.8 in 2021.
Nazara Technologies was founded in the year 2000. It was the brainchild of the founders, Vikash Mittersain and Nitish Mittersain. Nazara is a platform focused on gaming and sports media and has made its presence felt in India and in global markets including Africa and North America. The platform particularly focuses on interactive gaming, e-sports, etc. Some of its well-known products include World Cricket Championship(WCC), CarromClah, Kiddopia, Nodwin, etc. to name a few.