The Competition Commission of India (CCI) has approved the acquisition of a majority stake in Nazara Technologies Limited by Axana Estates LLP, Plutus Wealth Management LLP, and Junomoneta Finsol Private Limited.
Details of the Acquisition
In January 2025, Axana Estates, Plutus Wealth Management, and Junomoneta Finsol made an open offer to acquire up to a 26% stake in Nazara Technologies. This move followed a significant investment of Rs 495 crore (approximately $60 million) led by Axana Estates, resulting in a 5.4% stake acquisition in Nazara.
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Profiles of the Acquiring Entities
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Axana Estates LLP: Designated partners include Arpit Khandelwal, founder and managing partner of Plutus Wealth Management, and Mithun Sacheti, founder of CaratLane.
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Plutus Wealth Management LLP: Engaged in stock and commodity broking, trading, and investments.
- Junomoneta Finsol Private Limited: Involved in proprietary stock broking and trades in equity, commodity, and derivative markets.
Prior to this transaction, Plutus Wealth entities held a 13.3% stake in Nazara. Post-acquisition, Axana Estates and Plutus Wealth collectively hold a 27.2% stake in the company.
Nazara Technologies’ Financial Performance
In Q3 FY25, Nazara reported a 67% increase in operating revenue, reaching Rs 535 crore, up from Rs 320 crore in Q3 FY24. However, profits declined by 53.6% year-on-year to Rs 13.7 crore.
Strategic Investments and Acquisitions
Nazara has been actively expanding its portfolio:
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Curve Games Acquisition: In May 2025, Nazara acquired UK-based game publisher Curve Games for Rs 247 crore ($29 million), enhancing its presence in the global gaming market.
- Funky Monkeys Play Investment: In December 2024, Nazara invested Rs 43.7 crore to acquire a 60% stake in Funky Monkeys Play, marking its entry into physical entertainment.
Market Position and Future Outlook
As of March 2025, Nazara’s founder, Nitish Mittersain, holds an 8.75% stake in the company. Other significant shareholders include SBI Mutual Fund and Rekha Jhunjhunwala, holding 8.52% and 7.06% respectively. The company’s shares are trading at Rs 1,279, with a market capitalization of approximately Rs 11,229 crore ($1.3 billion).
Nazara’s strategic investments and acquisitions position it as a formidable player in the gaming and sports media industry. The recent approval by the CCI for the majority stake acquisition by Axana Estates and its partners is expected to further bolster Nazara’s growth trajectory.
