Plutus Wealth Management buys shares worth Rs.500 cr. in Nazara Technologies from WestBridge Capital
Plutus Wealth Management and it's associates have purchased shares worth Rs. 500 Crores in Nazara Technologies from WestBridge Capital. Nazara Technologies is one of India's leading ‘Interactive Gaming and new age Sports Media’ companies.
WestBridge Capital had first come on board as an early investor of Nazara Technologies in 2005 where they invested about Rs. 22.6 crore in Nazara and got significant returns. This transaction with Plutus Wealth Management now marks the exit of WestBridge Capital from Nazara Technologies.
WestBridge Capital exits from Nazara Technologies
Previously, WestBridge had sold shares to IIFL Special Opportunities Fund who had invested Rs 327 crore and Rakesh Jhunjhunwala who had invested Rs 182 crore in Nazara.
Arpit Khandelwal, Managing Partner, Plutus Wealth Management, says that “We believe gaming will be a prominent form of entertainment and will do well in the next decade. We believe that Nazara is well-placed to leverage on the vast available opportunity.”
Nazara Technologies Founder and MD Nitish Mittersain said "creating value for all stakeholders, including investors, has always been very important for Nazara. We are excited to onboard Plutus as a long term investor in Nazara...I am glad that we have been able to deliver a great return to WestBridge who backed us early on in 2005."
Nazara Technologies has invested in various categories of gaming including esports, edutainment, infotainment, fantasy sports, multiplayer games. They also intellectual properties like World Cricket Championship, Carrom Clash under mobile gaming, and Kiddopia, which is their award-winning interactive gamified learning app which is ranked in the top 5 apps on the app store, is used by millions of kids, parents and teachers.