India’s gaming scene just got a serious power-up. Mumbai-based Nazara Technologies Limited, a leading force in mobile gaming and esports, surged in the stock market this week after its subsidiary Nodwin Gaming announced the acquisition of a 92.3% stake in AFK Gaming, a homegrown esports content powerhouse. This move is not just another business deal — it signals Nazara’s larger ambition to dominate the entire gaming value chain, from tournaments to content and education.
Let’s dive into how this acquisition reshapes India’s esports landscape and what it means for investors, gamers, and the company’s global vision.
Credits: Trade Brains
A Strategic Move That Got the Market Buzzing
Nazara’s stock reacted quickly to the acquisition news. On Wednesday, shares jumped 2.2%, reaching ₹1329.30, compared to the previous close of ₹1300.15. This uptick pushed Nazara’s market capitalization to a strong ₹11,355.07 crore, reflecting renewed market enthusiasm for the company’s aggressive, future-forward approach in the gaming industry.
The stock’s movement wasn’t random — it was a clear response to Nazara’s bold decision to strengthen its esports arm by bringing AFK Gaming under the Nodwin umbrella.
Breaking Down the Deal
Nodwin Gaming, already a major name in the esports tournament space, acquired 92.3% of AFK Gaming for a total of ₹7.58 crore. Of this, ₹4.59 crore was paid in cash, while the remaining ₹2.99 crore was issued as Nodwin Gaming equity to AFK’s founders and shareholders.
With this acquisition, AFK Gaming has become a wholly owned subsidiary of Nodwin Gaming — and by extension, a step-down subsidiary of Nazara Technologies.
This isn’t just about numbers; it’s about synergy. While Nodwin brings scale, reach, and event experience, AFK Gaming brings storytelling, content, and a loyal audience. Together, they’re creating an end-to-end esports ecosystem — from tournaments and team sponsorships to content creation, media rights, and fan engagement.
Ace Investors Keep the Faith
Nazara’s growth story continues to attract top investors. As of June 16, 2025:
-
Kamath Associates, linked to Zerodha’s co-founder Nikhil Kamath, holds 15,04,782 shares, or 1.62% of the company.
-
Rekha Jhunjhunwala, wife of the late investment mogul Rakesh Jhunjhunwala, holds 27,23,620 shares, equating to a 2.94% stake.
Their continued confidence adds credibility to Nazara’s long-term growth potential and validates its aggressive expansion moves.
Financials: Revenue Up, Profits Take a Hit
Nazara’s Q4 FY24-25 results tell a story of fast-paced growth with calculated trade-offs. The company’s revenue shot up by 77.33%, from ₹303.9 crore to ₹538.91 crore. However, net profit dipped from ₹8.52 crore to ₹6.15 crore, a decline attributed to increased investments in acquisitions, content development, and team expansion.
Despite the short-term hit, Nazara remains financially robust:
-
Debt-to-equity ratio is a very low 0.08, indicating prudent fiscal management.
-
The company boasts three-year average revenue growth of 33.92%.
-
Net profit has grown at an impressive 67.05% average rate over the same period.
From Local Giant to Global Player
Founded in 1999 by Nitish Mittersain, Nazara has evolved from a small gaming portal into a multi-national gaming and interactive entertainment conglomerate. Headquartered in Mumbai, the company now has footprints across Dubai, Africa, and Singapore, and serves millions of monthly active users globally.
Its brand portfolio includes:
-
Nodwin Gaming – India’s largest esports tournament organizer.
-
Nextwave Multimedia – Makers of the popular World Cricket Championship game.
-
Sportskeeda – A top platform for sports and esports content.
-
Kiddopia – A gamified learning app loved by kids and parents alike.
Each brand contributes to Nazara’s mission to combine technology, content, and community in a way few others in India’s digital entertainment space can.
)
Credits: Business Standard
The Big Picture: Betting Big on Esports Content
Esports is no longer a fringe activity. With rising smartphone penetration, streaming platforms, and youth engagement, it’s becoming a mainstream entertainment avenue — and Nazara is placing a major bet on content being the next big frontier.
AFK Gaming’s expertise in creating multilingual, regional esports content, news, and analysis will allow Nodwin and Nazara to tap into deeper, stickier engagement with fans — not just during tournaments, but year-round.
