The Busy Brains
1 Sept 2023
Nikhil Kamath, co-founder of Zerodha and a prominent figure in the Indian gaming scene, is reportedly eyeing an expansion of his stake in the Indian gaming giant, Nazara Technologies. Kamath currently holds a 1% stake in the company and is now exploring the possibility of acquiring an additional 3.5% stake in his personal capacity.
Nikhil Kamath's interest in increasing his holdings comes as Nazara Technologies reports robust financial performance. The company reported revenue from operations of Rs 254.4 crore in the first quarter of FY23, marking a substantial 14.03% increase compared to the same period in the previous fiscal year.
In the corresponding quarter of FY22, Nazara Technologies generated Rs 223.1 crore in revenue from operations, with a profit of Rs 15.9 crore. The recent financial report indicates significant growth, with profits surging by 31.1% to Rs 20.8 crore.
Beyond his plans to expand his stake in Nazara, Kamath is also exploring opportunities in South Asia's thriving esports landscape. There are indications that he may consider acquiring a stake in Nodwin Gaming, a prominent player in the region's esports industry.
Founded in 1999 by Nitish Mittersain, Nazara Technologies has evolved into a comprehensive gaming and media company, offering interactive gaming experiences, esports events, adtech solutions, and gamified early learning across India, Africa, and North America. Nikhil Kamath's potential increased involvement signals a continued surge in the Indian gaming and esports sectors.