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

EntrackrEntrackr · 5m ago
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.

Sunfox Technologies raises Rs 15 Cr led by Venture Catalysts

EntrackrEntrackr · 10m ago
Sunfox Technologies raises Rs 15 Cr led by Venture Catalysts
Medial

Health-tech startup Sunfox Technologies has secured Rs 15 crore in a pre-Series A funding round led by Venture Catalysts along with participation from Finvolve through the IA Growth Opportunities Fund I and Brew Opportunities Fund, as well as Universal Group, RP Singhvi Group, and others. The company had previously raised Rs 5 crore investment from USAID through SAMRIDH Health and LetsVenture. It was also featured in Shark Tank India. The fresh funds will be used for expansion in India and globally and focus on scaling its flagship innovation Spandan, Sunfox stated in a press-release. Co-founded in 2016 by Rajat Jain, Arpit Jain, Saurabh Badola, Nitin Chandola, and Sabit Rawat, Sunfox is an R&D lab which aims to develop cutting-edge healthcare technologies for the digital world. Its flagship product Spandan is a smartphone-based portable ECG device that provides clinically accurate 12-lead ECG readings, empowering users to detect heart attacks and monitor cardiac health in real-time. The Dehradun-based claims that Spandan has been used by over 30,000 individuals across 20 countries and saved more than 10,000 lives through early detection of heart conditions. This technology is proving critical as India confronts a surge in heart attacks post-COVID-19. Sunfox has established an advanced in-house R&D and manufacturing facility in Dehradun and even captured global attention from prestigious institutions such as Oxford and Wharton.

growX makes 17X return on partial exit from Google-backed Pixxel

EntrackrEntrackr · 1m ago
growX makes 17X return on partial exit from Google-backed Pixxel
Medial

growX Ventures Fund has reported a partial exit from space tech firm Pixxel, marking the first liquidity event for its $25 million Fund I. The exit delivered a 17X return on invested capital and an internal rate of return (IRR) of 68% over a 5.5-year investment period. Despite this exit, growX retains a significant stake in Pixxel. Founded in 2019 by Awais Ahmed and Kshitij Khandelwal, Pixxel is developing a constellation of high-resolution hyperspectral imaging satellites for sectors like agriculture, mining, energy, and environmental monitoring. The startup has raised $95 million across nine funding rounds, with notable backers including GIC, Google, Radical Ventures, and Seraphim Capital. A commercial rollout is slated for later this year, with the launch of the initial six-satellite constellation. Launched in 2019, growX Fund I focuses on early-stage B2B tech startups across sectors such as deep tech, fintech, SaaS, healthtech, and space tech. It holds positions in companies like Bellatrix Aerospace, Progcap, Zuddl, and Lightspeed Photonics.

Cybersecurity startup Deep Algorithm raises Rs 10.8 Cr in seed round

EntrackrEntrackr · 2d ago
Cybersecurity startup Deep Algorithm raises Rs 10.8 Cr in seed round
Medial

Deep Algorithm Solutions, a cybersecurity and AI startup focused on fraud prevention in digital financial ecosystems, has raised Rs 10.8 crore (around $1.25 million) in a seed funding round led by Unicorn India Ventures, with participation from angel investors. The funding will be used to expand its engineering and threat intelligence teams, scale GTM efforts in India and Southeast Asia, and deepen platform integrations with systems like Azure AD and Okta. Founded in 2021, Deep Algorithm operates on a B2B model, offering enterprise-grade security products such as adapIDAI, an adaptive behavioral intelligence identity engine, and BotShield, a tool designed for zero-day threat prevention, DDOS mitigation, and runtime application protection. The startup provides continuous authentication and fraud analytics tailored for BFSI and other high-risk digital ecosystems. According to the Mumbai-based firm, it has completed live deployments at a major private bank, a government organization, and a private hospital. It also holds a government-issued patent and has filed an international patent. Deep Algorithm is now expanding into BFSI hubs like Mumbai and Bengaluru, and exploring partnerships in Kenya, South Africa, and the UAE. It is also building a SaaS model and analytics dashboards for mid-market clients and risk teams.

CCI approves majority stake acquisition in Nazara by Mithun Sacheti’s Axana and others

EntrackrEntrackr · 1m ago
CCI approves majority stake acquisition in Nazara by Mithun Sacheti’s Axana and others
Medial

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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