The Mumbai-based firm’s operating revenue surged 67% to Rs 534.6 crore for the quarter ended December 31, 2024, up from Rs 320 crore in the previous year.
However, expenses soared 76% to Rs 530.9 crore, driven by a threefold rise in advertising and promotional costs to Rs 145.3 crore. Employee benefits expenses also climbed 86.5% to Rs 88.6 crore.
Nazara’s esports division, which grew 20% during the quarter, remained its largest revenue driver, followed by gaming and ad-tech. Revenue from the gaming segment increased over 50% to Rs 154.9 crore.
The company has been actively raising capital for organic growth, acquisitions, and market expansion.
“We are focused on expanding our gaming ecosystem, leveraging global partnerships, and scaling operations to establish Nazara as a true leader in the global gaming industry from India,” CEO Nitish Mittersain said on microblogging site X.
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Mittersain attributed the gaming segment revenue growth to the acquisition of UK-based gaming studio Fusebox Games and strong performance from key titles. Nazara acquired Fusebox Games for Rs 228 crore in August 2024.
Khandelwal, founder and managing partner of Plutus Wealth Management, invested Rs 495 crore in Nazara through Axana Estates LLP, triggering a mandatory open offer. The Rs 990 per share preferential allotment granted Axana a 5.4% stake.
Also, in November 2024, Nazara raised Rs 855 crore via a preferential issue of 8.9 million equity shares, led by SBI Mutual Fund, which invested Rs 220 crore, alongside Junomoneta Finsol, Think Investments, and Discovery Investments.
The company has been expanding its portfolio through strategic acquisitions.
In September 2024, ET reportedthat Nazara had acquired a 47.7% stake in Moonshine Technology, the parent company of online poker platform PokerBaazi, for Rs 832 crore in a secondary transaction.
Other notable acquisitions include Comic Con India, marketing firm Publishme, which focuses on West Asia and Turkey, Singapore-based events company Branded, Turkish esports firm Ninja Global, UK-based gaming studio Fusebox Games, and Paper Boat Apps, the creator of Kiddopia.
During the quarter, Nodwin Gaming, a subsidiary of Nazara, acquired 100% of Trinity Gaming, a creator service provider for Meta and a gaming multi-channel network for YouTube in India.
Shares of Nazara Technologies closed at Rs 929.15, up 0.61% on the BSE on Thursday. The results were announced after market hours.
