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CCI approves majority stake acquisition in Nazara by Mithun Sachetiโ€™s Axana and others

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CCI approves majority stake acquisition in Nazara by Mithun Sachetiโ€™s Axana and others
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The Competition Commission of India (CCI) on Tuesday approved the acquisition of a majority stake and control over Nazara Technologies Limited by Axana Estates LLP, Plutus Wealth Management LLP, and Junomoneta Finsol Private Limited. In January this year, Axana Estates, Plutus Wealth Management, and Junomoneta Finsol had made an open offer to acquire up to a 26% stake in Nazara Technologies from its stakeholders. In the same month, the Mumbai-based company also raised $60 million led by Axana Estates against a 5.4% stake. Axana Estates LLP lists Arpit Khandelwal and Mithun Sacheti as its designated partners. Khandelwal is the founder and managing partner of Plutus Wealth Management, while Sacheti is the founder of CaratLane, now owned by Titan. Both Khandelwal and Plutus Investments hold stakes in Junomoneta. Plutus Wealth entities previously held a 13.3% stake in Nazara. Following this transaction, Axana Estates and Plutus Wealth will collectively hold a 27.2% stake in the 26-year-old company. As of March 2025, Nazara founder Nitish Mittersain holds an 8.75% stake in the company along with Mitter Infotech, while Plutus Wealth Management and Arpit Khandelwal command 11.54% and 7.87%, respectively. SBI Mutual Fund and Rekha Jhunjhunwala (on behalf of the late Rakesh Jhunjhunwala) hold 8.52% and 7.06% shares, respectively, in the company. In November last year, Nazara raised $100 million through a preferential issue for expansion in the gaming and sports media sector. Since then, the company and its subsidiaries have acquired majority stakes in multiple gaming firms such as Curve Games, TJRWrestling, ITRWrestling, King of Thieves and CATS, Trinity Gaming, and Funky Monkey. Although Nazara has not yet released its Q4 FY25 results, its operating revenue surged 67% in Q3 FY25 to Rs 535 crore from Rs 320 crore in Q3 FY24. However, its profit declined 53.6% year-on-year during the same period to Rs 13.7 crore. On Wednesday, Nazara founder Nitish Mittersain revealed that the company will have Rs 700 crore in cash on its balance sheet. Moreover, Nazara also secured the rights to Bigg Boss in India and plans to launch the game in the coming months. The company is currently trading at Rs 1,279 (as of 12:30 PM) with a total market capitalization of Rs 11,229 crore or approximately $1.3 billion.

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Nazara raises Rs 495 Cr from Arpit Khandelwal and Mithun Sacheti-led Axana Estates

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Nazara raises Rs 495 Cr from Arpit Khandelwal and Mithun Sacheti-led Axana Estates
Medial

Nazara raises Rs 495 Cr from Arpit Khandelwal and Mithun Sacheti-led Axana Estates Nazara Technologies Limited has raised Rs 495 crore (nearly $60 million), led by Axana Estates LLP, whose designated partners include Arpit Khandelwal, founder and managing partner of Plutus Wealth Management LLP, and Mithun Sacheti, founder of Caratlane. This strategic partnership aims to propel Nazara toward global gaming leadership by leveraging the collective expertise and resources of its new investors alongside its existing promoters, Vikash and Nitish Mittersain. Post-investment, Axana Estates will acquire approximately a 5.40% stake in Nazara, subject to shareholder and regulatory approvals. Moreover, Plutus Wealth Management LLP and Axana Estates LLP, in collaboration with Persons Acting in Concert (PACs), have announced plans to launch a public open offer to acquire an additional 26% stake in Nazara Technologies Limited. The new investment will support the company's growth through strategic acquisitions and market expansion. The transaction also strengthens Nazara's mobile gaming portfolio with the acquisition of two popular mobile game IPs, 'CATS: Crash Arena' and 'King of Thieves,' from ZeptoLab for $7.7 million (Rs 67 crore). This move bolsters Nazara's position in the global mobile gaming market, with the titles to be published under the "Nazara Publishing" banner. In the September quarter (Q2 FY25), Nazara Technologies reported a 7.3% year-on-year increase in revenue to Rs 318.94 crore, while its profit grew by 10.85% to Rs 21.97 crore.

Rekha Jhunjhunwala cashes out Rs 374 Cr from Nazara in June

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Rekha Jhunjhunwala cashes out Rs 374 Cr from Nazara in June
Medial

Rekha Jhunjhunwala, wife of the late Rakesh Jhunjhunwala, has trimmed her stake in gaming services provider Nazara Technologies Limited during June, as per data available on the BSE. Rekha Jhunjhunwala offloaded 29.75 lakh shares of Nazara Technologies between June 2 and June 10. Based on the average trading price of Rs 1,256.5 during this period, the sale is estimated to be worth around Rs 374 crore. According to the disclosure filed with the Bombay Stock Exchange, Rekha Jhunjhunwalaโ€™s shareholding in Nazara Technologies dropped from 7.05% (61.83 lakh shares) as of June 1, 2025, to 3.66% (32.08 lakh shares). As per the shareholding pattern as of March 2025, SBI Mutual Fund holds an 8.37% stake in the company, while Plutus Wealth Management owns 11.54%. NK Squared along with Kamath Associates, both linked to Nikhil Kamath, collectively hold a 3.72% stake. Last month, the Competition Commission of India (CCI) approved the acquisition of a majority stake and control over Nazara Technologies Limited by Axana Estates LLP, Plutus Wealth Management LLP, and Junomoneta Finsol Private Limited. Nazara Technologies has completed four acquisitions in 2025 so far. In January, it acquired two popular mobile game titles King of Thieves and CATS: Crash Arena Turbo Stars from ZeptoLab for $7.7 million. In May, the company acquired UK-based game publisher Curve Games for Rs 247 crore. During the same month, its subsidiary Sportskeeda acquired wrestling news platforms TJRWrestling.net and ITRWrestling.com from Titan Insider Digital in an all-cash deal worth Rs 10.5 crore. On the financial front, Nazara Technologies reported revenue of Rs 520 crore in the final quarter of the previous fiscal year, along with a profit of Rs 4 crore. For the full year FY25, the company recorded a 40.8% year-on-year growth in total income, to Rs 1,715 crore from Rs 1,218 crore in FY24. Nazra is currently trading at Rs 1,276.5 with a total market capitalization of Rs 11,184 crore (approximately $1.31 billion).

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