As Indian game developers begin to expand their global footprint, shares of Rakesh Jhunjhunwala-backed online game company Nazara Technologies jumped 20% after the company reported a 22% increase in profit net for the June quarter of this year.
Jhunjhunwala, who saw the future of online gaming in India when the industry was still in its infancy, owned 10.03% or 65.88 lakh of shares in Nazara Technologies, including partnership with global sports platforms electronics, game publishers and brands has made it the leading esports company in the country.
Nazara is a diversified gaming and sports media platform, with operations in India and emerging and developed global markets such as Africa and North America, with offerings in interactive gaming, esports ecosystems and playful early learning.
The company has some of the most recognizable products such as World Championship Cricket, Kiddopia in playful early learning, NODWIN and Sportskeeda in esports and esports media, and Halaplay, Qunami and OpenPlay in games based on skills, fantasy and quizzes.
The company is also known for its Chhota Bheem and Motu Patlu game series.
Nazara Tech’s consolidated net profit in the June quarter rose to Rs 16.5 crore from a net profit of Rs 13.5 crore in the same quarter last year.
According to its CEO, Manish Agarwal, the multi-pronged approach to seizing opportunities has yielded positive results and “we are in line with our target growth plans for FY23”.
“We also saw a stabilization of the unit economy for playful early learning activities,” he added.
In April, Nazara Tech announced a $2.5 million investment in US gaming fund BITKRAFT Ventures.
BITKRAFT Ventures is a leading investment platform for gaming and Web3/blockchain projects globally.
Nazara now aims to build a network to access the global gaming ecosystem. It has acquired several companies over the past few years.