Nazara Technologies, the listed gaming startup, has announced its acquisition of an additional 19.5% stake in its subsidiary, Next Wave Multimedia, in an all-cash transaction worth INR 15.5 crore (approximately $1.89 million). Prior to this deal, Nazara held a 52.38% stake in Next Wave, and with the latest acquisition, its total stake now stands at 71.88%.

The acquisition aims to strengthen Nazara’s portfolio of offerings in the virtual interactive sports genre, not only in India but also in emerging markets. The move aligns with the company’s growth objectives and its strategy to consolidate its shareholding in Next Wave, according to a statement by Nazara.

The deal involved a secondary purchase of 6,500 equity shares on Nazara’s behalf, with the company reserving the right to further increase its shareholding in Next Wave. Nazara completed the purchase on Tuesday.

As part of the agreement, Nazara’s acquisition has led to changes in Next Wave’s board of directors. The game development studio now has three non-executive directors from Nazara, in addition to two other directors. One director will be nominated by the board, and PR Rajendran, the co-founder of Next Wave, will serve as a non-executive director.

Nazara initially acquired a majority stake in Next Wave in January 2018, but the specific amount was not disclosed. The latest deal is a part of the amendment agreement reached between the two companies in December 2017.

Next Wave, established in 1995, specializes in developing sports-based mobile games, including the highly popular World Cricket Championship. Over the past seven years, the company claims to have garnered over 100 million downloads across various platforms.

According to Nazara’s filing, Next Wave reported a turnover of INR 23.79 crore in the financial year 2022-23 (FY23).

In FY23, Nazara witnessed a 21% year-on-year increase in consolidated net profit, reaching INR 61.4 crore, up from INR 50.7 crore in FY22. The company’s revenue from operations surged by 75% to INR 1,091 crore in FY23, compared to INR 621.7 crore in the previous year. This growth was driven by broad-based expansion across all three segments, with gaming revenue increasing by 28%, esports revenue rising by 75%, and adtech revenue growing by 53%.

Nazara Technologies, the listed gaming startup, has announced its acquisition of an additional 19.5% stake in its subsidiary, Next Wave Multimedia, in an all-cash transaction worth INR 15.5 crore (approximately $1.89 million). Prior to this deal, Nazara held a 52.38% stake in Next Wave, and with the latest acquisition, its total stake now stands at 71.88%.

The acquisition aims to strengthen Nazara’s portfolio of offerings in the virtual interactive sports genre, not only in India but also in emerging markets. The move aligns with the company’s growth objectives and its strategy to consolidate its shareholding in Next Wave, according to a statement by Nazara.

The deal involved a secondary purchase of 6,500 equity shares on Nazara’s behalf, with the company reserving the right to further increase its shareholding in Next Wave. Nazara completed the purchase on Tuesday.

As part of the agreement, Nazara’s acquisition has led to changes in Next Wave’s board of directors. The game development studio now has three non-executive directors from Nazara, in addition to two other directors. One director will be nominated by the board, and PR Rajendran, the co-founder of Next Wave, will serve as a non-executive director.

Nazara initially acquired a majority stake in Next Wave in January 2018, but the specific amount was not disclosed. The latest deal is a part of the amendment agreement reached between the two companies in December 2017.

Next Wave, established in 1995, specializes in developing sports-based mobile games, including the highly popular World Cricket Championship. Over the past seven years, the company claims to have garnered over 100 million downloads across various platforms.

According to Nazara’s filing, Next Wave reported a turnover of INR 23.79 crore in the financial year 2022-23 (FY23).

In FY23, Nazara witnessed a 21% year-on-year increase in consolidated net profit, reaching INR 61.4 crore, up from INR 50.7 crore in FY22. The company’s revenue from operations surged by 75% to INR 1,091 crore in FY23, compared to INR 621.7 crore in the previous year. This growth was driven by broad-based expansion across all three segments, with gaming revenue increasing by 28%, esports revenue rising by 75%, and adtech revenue growing by 53%.