Nazara Boosts Stake in Subsidiary Absolute Sports by 10.26% for ₹72.73 Cr

Nazara Technologies, a leading gaming platform company, has finalized a deal to acquire an additional 10.26% stake in its subsidiary Absolute Sports for ₹72.73 crore (approximately USD 9.68 million). According to an exchange filing, this latest acquisition brings Nazara's total stake in Absolute Sports to 81.94%.

The ₹72.73 crore investment is part of the existing share purchase agreement (SPA) signed between Nazara and the founding shareholders of Absolute Sports, including Porush Jain and Srinivas Cuddapah, on September 18, 2024. Under this SPA, Nazara was allotted 21,830 equity shares representing 10.26% of Absolute's equity share capital.

Absolute Sports is the parent company of Sportskeeda, a top-ranked sports news site featuring regularly in the US top 10. The company recorded a 22% increase in revenue and an 18% growth in EBITDA in H1 FY25.

Nazara's business segments include Gaming, Esports, and Ad-tech. In H1 FY25, gaming contributed to 36% of the company's revenue, while e-sports accounted for 57%. The North American market remains Nazara's largest, with a 39% share in revenue, followed by India and other regions.

This move strengthens Nazara's presence in the sports news sector and reinforces its commitment to the gaming industry.