WestBridge Ventures II Investment Holdings, a fund managed by WestBridge Capital, has completely parted ways from Nazara Technologies Ltd by selling shares worth over ₹500 crore to Plutus Wealth Management LLP and its associates. WestBridge Ventures was one of the early investors in Nazara and is estimated to have invested an amount of around ₹22.6 Crores in the gaming company and obtained a hefty profit of approx. ₹1000 Crores from the initial investment itself, according to Nazara!
Sandeep Singhal, co-founder of WestBridge Capital said the following in an interview,
“WestBridge Capital backed Nitish (Nitish Mittersain, founder and managing director, Nazara Technologies) at a very early stage back in 2005. Since then the company has created great shareholder value and created a market leader. We wish Nitish, Manish and the entire Nazara group all the very best in their future endeavours.”
News Indian Gaming and Sports Media
Nazara is an Indian gaming and sports media company which owns popular mobile gaming titles WCC (World Cricket Championship) and Carrom Clash; along with Kiddopia, a gamified early learning platform; NODWIN Gaming, an eSports company; Sportskeeda, an eSports media firm; Halaplay (fantasy sports platform) and Qunami (trivia games platform).
Other key investors of Nazara include IIFL Special Opportunities Fund and Rakesh Jhunjhunwala. The two combined as its shareholders had invested ₹327 crore in November 2017 and ₹182 crore in December 2017, respectively. On their own part, Nazara has made investments of over ₹300 Crores in the last 5 years in the Indian gaming ecosystem! Plutus Wealth Management LLP, Mittersain commented upon their brand new partnership with Nazara.
“We are excited to onboard Plutus as a long-term investor in Nazara. Creating value for all our stakeholders, including our investors, has always been very important for us and I am glad that we have been able to deliver a great return to WestBridge who backed us early on in 2005.”
Arpit Khandelwal, Managing Partner, Plutus Wealth, said,
“We believe gaming will be a prominent form of entertainment and will do well in the next decade. We believe that Nazara is well-placed to leverage on the vast available opportunity. We are excited to begin our long-term journey with their goal and vision.”