Supported by billionaire Rakesh Jhunjhunwala, a cricket game developer has become the first Indian gaming technology company to seek a market debut. This is on the back of mobile entertainment taking off across the world’s No. 2 smartphone arena. On Friday, the Mumbai-based startup filed initial public offering documents with market regulator. Established in 2000 by a gamer Nitish Mittersain, Nazara is among the companies that have gained from a global boom in smartphone gaming. Nitish began his firm with ₹ 3 crore borrowed from friends and family. However, it got disrupted during the dotcom bust. Its first decade of operation was spent in clearing the debt. However, it steadily built market share by acquiring fellow gaming startups.
Now, it’s looking to be among the first major Indian startups to go public. This comes at a time of expanding investor interest in India’s technology arena. This becomes all the relevant when people like Jeff Bezos says that “the 21st century is going to be the Indian century.” Apart from this, tech giants such as Facebook Inc. and Google are investing billions into coalitions with local operator Jio Platforms Inc. According to the filing, Nazara aims to offer up to 49.6 lakh equity shares for sale, at a face value of ₹ 4 each.
The introduction of affordable smartphones and cut-price wireless data prices for 1.3 billion people has spurred growth for Nazara and its peers. Nazara’s platform hosts numerous content categories and is active in esports. They command a portion of the mobile cricket gaming category with titles like World Cricket Championship. Taking about the backers of Nazara, they consist of Plutus Wealth Management and billionaire Rakesh Jhunjhunwala. It runs in 52 nations from North America and the Middle East to Africa and Southeast Asia.