Nazara Levels Up Global Gaming Bet with Rs 4.74 Cr Investment in 2 VC Funds

Gaming major Nazara Technologies has invested ₹4.74 crore in two international gaming venture capital funds. In an exchange filing, the company said it has committed $300k (approximately ₹2.6 crore) to Play Ventures Fund III and $250k (around ₹2.14 crore) to F4 Venture Fund I.

These global funds are aimed at early-stage gaming start-ups. It is pertinent to note that Nazara invested the amount in these global funds as a limited partner.

“The company has infused funds aggregating to $300,000….by way of capital commitment. Both the funds are recognised as leading global venture capital funds in the gaming sector,” the filing read.

This is not the first investment by Nazara in these funds; the gaming giant has also infused up to $2 million in Play Venture Fund III and up to $250k in F4 Venture Fund I in May 2024.

Play Ventures Fund, headquartered in Singapore, backs gaming start-ups from the pre-seed to Series A stages. Its $140 million Fund III focuses on mobile gaming, AI-driven tools, and gaming infrastructure. So far, the VC firm invested in early-stage ventures such as Defi Alliance, Cypher, and M League.

On the other hand, F4 Fund was launched by industry veterans David Kaye and Joakim Achren in 2023. It is based in the United States, and supports gaming entrepreneurs building companies in sectors like AI, SaaS, consumer tech, and social platforms. The fund has invested in America, UAE, and other countries across seed to Series B stages. Its portfolio companies include Noice, Baby.ai, and After Hour.

Nazara's Acquisition Spree

The gaming company has been on acquisition spree in the past year. Recently, it has acquired insolvency-hit sports entertainment start-up Smaaash Entertainment for ₹126 crore. It has also completed the acquisition of UK-based PC and console game publisher Curve Games for ₹247 crore.

In 2023, the company also invested ₹982 crore to acquire a substantial stake in Moonshine Technology Pvt Ltd (MTPL), the parent company of PokerBaazi. The deal comprised a ₹832 crore secondary purchase for a 47.7% stake, along with a ₹150 crore primary infusion through compulsory convertible preference shares (CCPS).

Its other investments, include Funky Monkeys, Fusebox Games, WildWorks, Datawrkz, OpenPlay, Publishme, HalaPlay, Paper Boat Apps, etc., as per Tracxn data. The acquisition game started as a part of Nazara's strategy to expand its portfolio through strategic investments in interactive gaming and sports media.

Nazara's Financials

The gaming company reported a 90% year-on-year growth in its fourth quarter of the fiscal year 2025. Its consolidated net profit stood at ₹16 crore. However, the figure was only ₹8 crore in the year ago period. Nazara has attributed the growth to the company's equity holders.

It also reported a 95% year-on-year jump in operational revenue, reaching ₹520 crore compared to ₹266 crore in the same quarter last year.

However, on a sequential basis, profit after tax (PAT) dropped 40% from ₹26 crore in Q3 FY25. Revenue also dipped nearly 3% from ₹535 crore recorded in the October–December quarter of FY25.

The company posted its highest-ever annual EBITDA at ₹153.5 crore, driven by total revenues of ₹1,624 crore. The company’s core gaming segment recorded a strong EBITDA margin of 19.9%, while the overall EBITDA margin stood at 9.4%.