If you trade in the Indian stock exchange (BSE and NSE) and if you are a fan of the great stock market trader, Rakesh Jhunjhunwala, who made thousands of crores of profit by trading in the Indian stock market with an initial investment of just Rs. 5000/-, there’s interesting news for you folks. Rakesh Jhunjhunwala has invested Rs. 180 crores in the in the Mumbai-based mobile gaming company, Nazara Technologies. This news was confirmed by Nitish Mittersain, who is the MD of Nazara Technologies. Read more on Investments
“Having a marquee investor like Jhunjhunwala on board gives us great confidence. It is also a validation of what Nazara has been building. He is coming in with a long-term perspective of five to seven years”, Nitish Mittersain said.
Prior to this round of funding from Rakesh Jhunjhunwala, Nazara Technologies had received an amount Rs. 330 crores in seed round of funding from IIFL Special Opportunities Fund. The VC firm had got a minority stake of 30% in the gaming startup through the funding. This is really a significant event for Nazara Technologies and for India in general as Mr. Rakesh Jhunjhunwala has never invested in a private startup before.
“Nazara is a leading company in the mobile games business. Nazara has a consistent track record of delivering profits, cash flows, along with efficient use of capital and high return on investment. I see growth potential in the company”, Mr. Jhunjhunwala said.
With this investment from Rakesh Jhunjhunwala, Nazara Technologies plans to have its Initial Public Offering (IPO) next year (2018). The startup has already mandated ICICI Securities and Edelweiss Financial Services for the IPO. Nazara Technologies is planning to complete the IPO by the end of March, 2018. The valuation of the startup is projected to be 30 to 35 times its current profit after completion of the IPO. A tax of Rs. 100 crores will be paid by the startup for being listed in the Indian Stock Exchange. Read more on Startup News