WestBridge Capital has exited from Nazara Technologies Ltd by selling their shares worth INR 500 crore to Plutus Wealth Management Lld and its associates. WestBridge Ventures had invested a cumulative amount of INR 22.6 crore in gaming company Nazara. As per news reports, WestBridge ventures one of Nazara’s early investors has obtained sales consideration of approximately INR 1000 crores.
Sandeep Singhal, co-founder, WestBridge Capital said, “We backed Nazara Technologies founder Nitish Mittersain since a very early stage. Since those early stages in 2005, the brand became a market leader and generated a considerable shareholder value.”
Nazara Technologies Ltd is an Indian sports media and gaming company that also owns other famous mobile gaming titles World Cricket Championship (WCC), Kiddopia, Carrom Clash, Sportskeeda, HalaPlay, Qunami, and Nodwin Gaming. For the last five years, Nazara has made investments worth INR 300 Crore in the Indian gaming industry.
Other marquee investors of Nazara include Rakesh Jhunjhunwala and IIFL Special Opportunities Fund. In November 2017, IIFL invested INR 327 Crore and Jhunjhunwala invested INR 182 Cr in December 2017.
Nazara has now partnered with Plutus Wealth Management Ltd and Mittersain, founder of Nazara said, “We are highly excited as Plutus will be our long-term investor. I am glad that we are able to create utility for all of our stakeholders and our investors. I am happy that we were able to fulfill great merit worth to WestBridge, the firm that backed us since the year 2005.”
Talking about the association, the managing partner at Plutus Wealth, Arpit Khandelwal mentioned, “In the coming future, a decade or so, gaming will be one of the prominent forms of entertainment. Gaming company Nazara is well-positioned to grip onto the vast opportunity that is available during this period. We are highly excited to start our deep-rooted journey with their vision and goal.”