As mobile gaming and entertainment take off globally, Nazara Technologies Ltd. is the first game developer startup in India to enter the public market. Financed by renowned billionaire Rakesh Jhunjhunwala, Nazara Technologies Ltd. is a cricket game developer looking to make a mark with its market debut.
On 15th January 2021, the game developer startup submitted their documents for IPO (Initial Public Offering). As Nazara Technologies takes the first steps to enter the public market, it urges several gaming technology startups across the country to do the same.
With the increase in smartphone and internet usage across India, gaming has seen explosive growth. India is the second-biggest smartphone market across the globe, which has helped homegrown firms like Flipkart and Paytm grow. With Nazara making the first move, new and old gaming startups will get the necessary push to debut in the public market.
Nitish Mittersain founded Nazara in 2000 when he was a mere college undergrad and an avid gamer. Nazara is one of the initial gaming firms to benefit from the smartphone industry boom across the world, decades before the pandemic of 2020.
The initial investment for Nazara was 30 million Rupees borrowed from family and friends of Nitish Mittersain. However, Nazara suffered losses in the dot-com bust and spent an entire decade clearing their debt. But, Nazara soon started growing its market share by procuring gaming startups.
Currently, Vikash Mittersain is the Managing Director and Chairman of the company, while Nitesh Mittersain is the Joint Managing Director. Along with Mitter Infotech LLP, Vikas Mittersain and Nitish Mittersain are the promoters of Nazara Technologies Pvt.
With the swell of technology related developers in India, investors are ready to put money in startups and established companies. Nazara’s decision to go public at such a time makes it one of the first significant startups across the country to attract investors to the tech space. While big companies like Google and Facebook are partnering up with Jio Platforms, Jeff Bezos, Amazon.com founder, stated that “the 21st century will be the Indian century.”
Nazara plans to put forward over 4.96 million equity shares for sale, at the value of 4 Rupees each. While Nazara has filed an IPO, several startups are not just in the gaming and entertainment industry looking forward to the same. Nykaa E-Retail Pvt. is planning to file an IPO when they can value their online cosmetic retail business for more than $3 billion. Conversely, Zomato, a popular food delivery startup, has declared that they are planning to file an IPO within the first six months of 2021.
The availability of cheap smartphones and affordable data plans has spearheaded gaming and entertainment startups like Nazara. Nazara’s interactive platform boasts of a range of content categories and active reporting on eSports. Most users are attracted to the mobile cricket gaming section, which has famous titles like World Cricket Championship. With backers like Jhunjhunwala and Plutus Wealth Management, Nazara currently operates in over 52 countries, including North America, the Middle East, Africa, and Southeast Asia.