### **Company Overview** Nazara Technologies Ltd. is India’s only publicly listed gaming and esports company, operating as a diversified global platform across gaming, sports media, esports, and digital advertising technology (Adtech). With a strategic 360-degree ecosystem combining digital and offline experiences, Nazara has established a leadership position in high-growth segments such as interactive gaming, gamified early learning, skill-based real money gaming, and esports. Headquartered in India, the company has a global footprint with operations in the U.S., Europe, the Middle East, Africa, and South Asia. It owns and operates a portfolio of renowned intellectual properties (IPs) and subsidiaries, including **World Cricket Championship (WCC)**, **Sportskeeda**, **Kiddopia**, **Animal Jam**, **Fusebox Games**, **NODWIN Gaming**, **Datawrkz**, **PokerBaazi**, **Funky Monkeys**, and **Smaaash**. --- ### **Strategic Pillars (as of Nov 2025)** #### **1. Integrated, Platform-Led Growth Strategy** - Nazara has transitioned from a decentralized "acquire and scale" model to a fully integrated platform structure as of FY 2025–26. - **Centres of Excellence** in analytics, AI, and user acquisition are being embedded across all verticals to drive synergy, improve decision-making, and accelerate development. - Standardized growth strategies, unified dashboards, cross-portfolio resource sharing, and enhanced governance are enabling faster scaling and monetization. #### **2. Direct-to-Consumer (D2C) Network & Unified Identity** - The company is building a **direct-to-consumer user network** leveraging **first-party data**, **cross-promotion**, and **enhanced monetization**. - Partnered with **Google** to launch **Nazara ID**, a unified login platform across all published games. - Enables a **seamless cross-game experience**, better data utilization, and personalized engagement. - Initial rollout across core titles like **World Cricket Championship (WCC)** and **Love Island**, with plans for global expansion. --- ### **Core Business Segments & Portfolio** #### **A. Interactive Gaming** - **Gamified Early Learning:** - **Kiddopia**: Subscription-based app for children aged 2–8. Ranked among the top 3 grossing kids’ apps in the U.S. (Sensor Tower), with 80% of users from the U.S. - Increased subscription price to $12.99/month (from $9.99) in Jan 2025, raising ARPU to **$7.13**. - Achieved higher LTV despite lower subscriber count due to reduced churn. - Secured licensing partnerships with **Mattel (Barbie)**, **Moonbug (Little Angel)**, and **Hasbro (PJ Masks)**. - Recently integrated into Nazara post-**full ownership acquisition**, enabling strategic synergy and centralized monetization. - **Animal Jam** (via WildWorks): A safe, educational multiplayer platform for ages 7–12. - Ranked #1 grossing app for ages 9–11 in the U.S. - 90% of users from the U.S., monetized via **in-app purchases (IAP)** and **subscriptions**. - Achieved **22.3% EBITDA margin in Q1 FY26**, driven by seasonal events and premium content. - New product pipeline includes a nostalgic mobile game in collaboration with **Slinky**, targeting social progression and accessibility. - **Freemium & IP-Based Narrative Gaming:** - **Fusebox Games** (acquired for **INR 228 crores** in Aug 2024): UK-based studio behind **'Love Island: The Game'**. - Generated **INR 116 crores in revenue** and **INR 33 crores in EBITDA** by July 2024. - 90% of revenue from IAP in developed markets (U.S., UK, Europe). - **Big Brother: The Game**: Launched globally in 2025 under Banijay Entertainment license. - **Love Island** user base: Primarily aged 18–45, with 68% in U.S. - Strategy: Expand into **narrative-driven, IP-based mobile games** with global appeal. #### **B. Esports & Sports Media** - **NODWIN Gaming**: - India’s leading esports operator with a global presence. - Hosts major properties: **Comic Con**, **Playground**, **NH7 Weekender**, **BGMS (Badshah Gamers & Music Series)**. - Expanded into Middle East, Turkey, Central Asia through acquisitions: - **Freaks4U Gaming** (Germany) - **Ninja Gaming** - **PublishMe** - **Star Ladder Limited** - Plans to scale **international revenue** by consolidating assets and increasing live event presence. - Raised **$28 million** in 2023, with key investors including **KRAFTON, Sony**, and **JetSynthesys**. - Acquired **Trinity Gaming** (INR 24 crores): A multi-channel network (MCN) managing 700+ creators with 70M followers, strengthening influencer and digital marketing capabilities. - **Absolute Sports / Sportskeeda**: - Global sports media platform with brands: **Sportskeeda**, **Pro Football Network (PFN)**, **SoapCentral**, and **DeltiasGaming**. - Serves **100M+ monthly fans** across India, U.S., and other international markets. - Acquired wrestling-focused **TJRWrestling.net** and **ITRWrestling.com** (2025) for $1.25M, adding 1.7M MAUs. - PFN ranked **#2 NFL website in the U.S.** as of Sep 2023. - Monetizes via **programmatic ads**, **sponsorships**, and **media rights**. #### **C. Digital Advertising Technology (Adtech)** - **Datawrkz** (including **Space & Time Media**, acquired for **GBP 4.8M / INR 52.3 crores** in 2024): - Provides **demand-side (user acquisition)** and **supply-side (monetization)** adtech solutions. - Generated **₹196 million EBITDA in FY24-25** (vs ₹83M in FY23-24), driven by higher-margin verticals. - Expanded **U.S. sales pipeline**, improved client retention, and higher **Customer Lifetime Value (LTV)**. - Focus: Drive global growth and support internal/external portfolio monetization. #### **D. Skill-Based Real Money Gaming (RMG) & Offline Expansion** - **PokerBaazi**: - India’s largest online poker platform, part of **Moonshine Technology** (in which Nazara made a **₹982 crore strategic investment**). - Over **340,000 monthly active users** as of May 2024. - Market leader in India’s RMG segment; remains profitable despite 48.7% GST regime. - **Offline Gaming & Family Entertainment**: - Acquired stakes in **Funky Monkeys** (60%) and full ownership of **Smaaash** (acquired via NCLT process in FY26). - Smaaash contributed **INR 8.06 crore revenue / 3.33 crore EBITDA** in Apr–Jun 2025. - Led business revival: center refurbishments, new esports IPs (e.g. **Smaaash Chess Masters**), BGMI tournaments. - Full **rebrand and relaunch planned for FY27**. - Vision: Create a **360-degree gaming ecosystem** integrating online and offline experiences. #### **E. Publishing & Global Studios** - **Curve Games**: - UK-based PC/console publisher with titles like *For The King*, *Wobbly Life*, *Human Fall Flat*. - Generates **~GBP 9–10M in revenue** and **GBP 4–5M in free cash flow** annually. - Strategic beachhead for Nazara in Western high-ARPU markets. - **Nazara Publishing** (launched 2023): - India’s first comprehensive game publishing platform. - Invests **INR 1–3 crore per game**, targeting **20 titles in 18 months**. - Supports Indian developers with funding, live ops, localization, and analytics. --- ### **Recent Strategic Developments (Sep–Nov 2025)** - **Full Integration of Key Subsidiaries**: Nazara now has **full ownership of Kiddopia, Paperboat, NextWave, and Fusebox**, enabling faster capital allocation and synergistic scaling. - **Stabilization & Strategic Inflection**: FY 2024–25 was a turnaround year focused on strengthening proprietary products (DMP stack, demand-side tech) and reducing reliance on low-margin contracts. - **Highest-Ever Financial Performance**: Achieved **record consolidated revenue of ₹1,624 crore** and **EBITDA of ₹153.5 crore** in FY24–25. - Gaming segment: **₹518.2 crore revenue**, **19.9% EBITDA margin**. - "Others" segment (Adtech, Esports): **₹1,109 crore revenue**, **7.3% margin**. - **Monetization Innovation**: - Launched **gCommerce platform** integrated with **ONDC Network**, enabling in-game purchases across 10+ categories. - **Leadership & Governance**: - Added **Mr. Rohit Sharma** (ex-CEO, POKKT; ex-COO, AnyMind Group) to the board, bringing deep adtech and digital media expertise. --- ### **Financial Highlights (FY 2024–25)** | Metric | Amount | |-------------------------------|--------------------| | **Total Revenue** | ₹1,624 crore | | **EBITDA** | ₹153.5 crore | | **EBITDA Margin (Gaming)** | **19.9%** | | **Gaming Revenue** | ₹518.2 crore | | **Adtech EBITDA** | ₹196 million | | **Cash Position** | Strong, debt-free | *Note: Revenue from Aug 22, 2024 – Mar 31, 2025: INR 161.7 crore (vs INR 61.8 crore in FY23-24).* --- ### **Competitive Advantages** - **First-Mover in Indian Gaming IPO**: Strong institutional and retail investor base. - **Proprietary IPs** across multiple demographics (kids, teens, adult gamers, sports fans). - **Global Footprint** with localized operations. - **Diversified Monetization**: Subscriptions, IAPs, advertising, platform fees, sponsorships, merchandising. - **Proven M&A Playbook**: Disciplined acquisitions, operational synergy, and EBITDA improvement.