Nazara Technologies becomes the first Indian gaming company to go public
Nazara Technologies creates history! It becomes India’s first gaming technology company to make its debut in the market. On Friday, this Mumbai based gaming company, backed by Rakesh Jhunjhunwala, filed for IPO. This imminent debut would encourage numerous budding Indian start-ups to step into the domain of public markets.
The history of this gaming company:
Nazara Technologies is one of the largest and most popular interactive gaming companies in India. In 2000, gamer Nitish Mittersain founded the company. The company is famous for its series like Motu Patlu, Chhota Bheem, and its games related to World Cricket Championship. Nodwin Gaming, its ancillary company, organizes gaming events. It operates in more than 60 countries across burgeoning markets, including the Middle East, South East Asia, Africa, Latin America, and India.
With the constant development of the mobile phone gaming industry, Nazara has built a robust network of thousands of subscribers over the years. Throughout its journey, Nazara has undertaken acquisitions and investments in different gaming categories. It included infotainment, edutainment, fantasy sports, esports, multiplayer, and mobile cricket games. In 2018, the Securities and Exchange Board of India (SEBI) had given its approval to the company for the IPO.
What the future holds:
In 2019, the Indian gaming industry had a market value of Rs. 6, 200 cores. By 2024, this amount is likely to reach Rs. 25, 000 crores. Mobile gaming’s market value is predicted to hit approximately Rs. 2, 965.4 crores by 2022. According to many experts of the gaming industry, going public is a significant step for Nazara Technologies. The company is looking for lucrative opportunities to dominate the market. The firm took advantage of the investors’ growing interest in India’s technological sphere and went public at a crucial juncture.
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