Mumbai, Apr 5:
Rakesh Jhunjhunwala-backed Nazara Technologies on Tuesday said it has invested USD 2.5 million in US-based game fund Bitkraft Ventures to gain access into the global gaming ecosystem.
Nazara, a wholly owned subsidiary of Nazara Technologies has invested USD 2.5 million Bitkraft Ventures.
“Nazara will invest USD 2.5 million in Bitkraft Ventures out of which USD 0.875 million will be invested upfront, while the balance investment amount of USD 1.625 million will be deployed over a period of three years,” the company said in a regulatory filing
Bitkraft Ventures is a leading investment platform for gaming and Web3 / blockchain projects globally.
“Nazara, with the proposed investment, aims to build a network with limited partners (LP) as well as the investee companies to gain access into the global gaming ecosystem,” it said.
Nazara aims to leverage the Bitkraft Ventures’ network for potential partnerships and/ or potential investment into the company and its subsidiaries and to secure deal flow for future M&A from the current portfolio of the funds as well as inflow of deals coming to funds.
Further, the proposed transaction will also provide Nazara co-investment opportunities into highly sought-after founders/ companies.
?Bitkraft Ventures have fast established themselves as one of the most promising investors in the global e-sports and gaming ecosystem. Our investment is in line with our long-term commitment to nurture and empower the gaming community across the world,” Manish Agarwal, CEO, Nazara Technologies said.
Over the course of the next few years, this investment will enable us to work towards realizing our strategic vision of becoming the catalysts to empower the global gaming community and chart the next stage of growth in an increasingly connected and virtual world.
Commenting on the transaction, Malte Barth, Founding General Partner at Bitkraft Ventures said, “Given our long-term relationship with Nazara we are very excited to get into this partnership for a win-win between Nazara, the Bitkraft Venture portfolio companies and Bikraft Ventures as a platform.”
He further said the partnership will help to increase the connectivity into the highly strategic Indian video games market.
“We have done multiple investments in the subcontinent and intend to do more in the future, in addition to supporting international Investment to drive growth in India,” Barth added.
In addition to the investment in Bitkraft Ventures, Nazara Technologies has acquired multiple companies over the past few years. (UNI)
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