- **Nazara Technologies is India’s only publicly listed gaming company, but that label understates what it has become: a global, multi-format gaming platform that now earns 90% of its EBITDA from games played on mobiles, PCs, consoles, and in physical arcades across the world.** Founded in 1999 by Vikash and Nitish Mittersain, the company spent its first two decades as a telecom-era games distributor before going public in 2021 and embarking on an acquisition spree that transformed it - in a single year it bought its way into PC and console publishing, offline entertainment centres, and AI-native casual gaming. The recurring approach that explains everything else is the “Friends of Nazara Network”: a platform of multiple subsidiaries where acquired teams keep near-complete operational control while plugging into a shared central operating system of user acquisition, data analytics, and artificial intelligence that the company calls its Gaming OS. # Business segments Four engines at different stages - a gamified early-learning subscription business that dominates its category in America, a fast-scaling PC and console publishing house built on a single blockbuster title, a physical arcade chain being rebuilt from bankruptcy, and a collection of mobile studios, esports media, sports websites, and adtech services that fill out the platform - each acquired and integrated through the same central operating playbook. ## 1. Gamified early learning: the subscription engine that funds everything else **Two American children’s apps - Kiddopia for ages 2-8 and Animal Jam for ages 8-12 - generate recurring subscription and in-app purchase revenue from parents, with the United States contributing the vast majority of users.** - **Top-ranked in their categories** - Kiddopia is among the top three grossing apps in its category in the US, while Animal Jam is the number one grossing app for kids aged 9-11, giving Nazara two category leaders in the world’s most lucrative mobile market. - **Licensed characters reduce acquisition cost** - Kiddopia holds licensing deals with Moonbug Entertainment (Little Angel), Mattel (Barbie), and Hasbro (PJ Masks), letting it borrow established children’s brands to attract parents rather than relying solely on paid marketing. - **Performance marketing with a direct-brand hedge** - the app spends on digital user acquisition (US$2.97 million in a single quarter, at a cost of $65 per iOS install) but also runs a US brand campaign to build direct relationships with parents, partly in response to Apple’s IDFA privacy changes that made targeted advertising harder. - **Animal Jam adds a social layer** - built by Utah-based WildWorks, Animal Jam is a moderated multiplayer world with STEAM educational content, available on mobile, Mac, and PC, and monetised through in-app purchases like Wishing Coins and Super Boxes alongside subscriptions. ## 2. PC and console publishing: the blockbuster catalogue that opened a new market **Curve Games, a UK-based publisher acquired in mid-2025, gives Nazara a foothold in the US$90 billion PC and console gaming market through a back catalogue of indie hits led by Human Fall Flat, which has sold over 58 million units worldwide.** - **One title anchors the economics** - *Human Fall Flat* sold more than two million units in FY26 alone and its publishing licence has been extended to 2030, providing a long-dated revenue stream from a single game. - **A catalogue that keeps earning** - the broader portfolio includes *For The King II*, *Bomber Crew*, *Lawn Mowing Simulator*, and *Wobbly Life*, with downloadable content like *For the King II: Fallen Oaths* generating fresh sales from old games, a pattern the company calls durable back-catalogue monetisation. - **Global distribution on third-party storefronts** - titles are sold on Steam, Nintendo Switch, and other console platforms, with North America and Japan together accounting for more than 85% of the market for Curve Games, so Nazara earns per-unit revenue without owning a storefront itself. - **A gateway for Indian developers** - Curve’s publishing infrastructure also serves as a route for Indian game studios to reach global console and PC audiences, and Nazara’s own publishing division launched *Pokerverse VR* on Meta Quest and Apple Vision Pro in mid-2025, marking its entry into virtual reality. ## 3. Offline gaming: physical arcades rebuilt with a standardised playbook **Nazara operates two chains of physical entertainment centres in India - Funky Monkeys for young children and Smaaash for older audiences - applying the same store-format standardisation and city-deepening strategy to both.** - **Funky Monkeys is the proven template** - an indoor soft-play chain for children aged 1-14, it expanded from 11 to 20 stores during FY26 by deepening its presence in Mumbai and Bangalore before entering Hyderabad and Surat, generating INR 23 crore in revenue at a 52% EBITDA margin. - **Smaaash was acquired out of bankruptcy** - Nazara bought the bowling-and-go-karting entertainment company for INR 126 crore through an NCLT-approved resolution plan in June 2025, and it contributed INR 76 crore in revenue in its first partial year under Nazara. - **“Smaaash 2.0” applies the Funky Monkeys playbook** - the company is redesigning Smaaash centres using the same standardised format, operations manual, and city-deepening-before-expansion approach that worked for Funky Monkeys, treating offline gaming as a replicable retail rollout rather than a collection of one-off venues. ## 4. Mobile studios, esports, sports media, and adtech: the diversified fill-out **A collection of mobile game studios, an esports and youth media company, two sports news websites, and a programmatic advertising business round out the platform - each serving distinct audiences but sharing the central Gaming OS for user acquisition and analytics.** - **Fusebox Games turns TV formats into narrative apps** - the studio builds interactive story games around reality TV intellectual property; it launched with *Love Island*, added *Big Brother* and *Bigg Boss*, and has *The Traitors* in development, using a shared narrative engine so each new title is faster to build than the last. - **World Cricket Championship runs without marketing spend** - the freemium cricket simulation franchise, built by Chennai-based NextWave Multimedia, attracts over 100,000 organic downloads every day, with India and South Asia making up 96% of its audience. - **NODWIN Gaming owns the esports flywheel** - now an associate company rather than a subsidiary, NODWIN runs live events and content productions including Comic Con India (expanded to 11 cities), the NH7 Weekender music festival, and the Dreamhack gaming festival, earning from ticket sales, sponsorships, and broadcast rights while pursuing its own IPO readiness. - **Sportskeeda is a top-10 US sports news site** - the multi-sport content platform ranks among the ten most-read sports news websites in America, monetises through programmatic advertising, and has expanded into NFL coverage through its acquisition of Pro Football Network, which posted its best-ever EBITDA margin of 28% in FY26. - **AdTech serves both the group and external clients** - Datawrkz and Space & Time provide programmatic advertising, a self-serve demand-side platform, and publisher monetisation tools, working with around 57 brands while also handling user acquisition and ad sales for Nazara’s own game studios. # Gaming OS **Every gaming business Nazara owns or acquires plugs into a shared central operating system of user acquisition, data analytics, and artificial intelligence - the company’s core mechanism for improving returns on marketing spend and creating operating leverage across the portfolio.** - **AI cuts game development time from years to months** - the BestPlay platform, acquired as part of the pending Bluetile deal, uses AI-native development to generate games like *Pixel Blast* in two months instead of the typical twelve to eighteen, compressing time-to-market for casual titles. - **AI produces playable ads at near-zero marginal cost** - the system automatically generates playable advertisements at four to five times the previous volume, while also surfacing in real time why the cost per install or return on ad spend has changed, so marketing teams can adjust instantly. - **LiveOps keeps players spending inside games** - AI analyses individual player behaviour to create custom bundles, adjusts live event difficulty to match skill level, and procedurally generates levels, assets, and storylines, turning each game into a continuously updated service rather than a static product. - **The COEs extend beyond technology** - the centres of excellence also cover finance and human resources, driving cross-group synergies so that acquired studios get not just a tech stack but a full operational backbone from day one. # Group structure and partners **Nazara operates as a parent company with dozens of subsidiaries and associates, bound together by a philosophy of leaving acquired founders in charge while a new set of controlling shareholders consolidates strategic direction from the top.** - **A web of gaming subsidiaries** - as of March 2025, Nazara had 46 subsidiaries and 2 associates, including wholly-owned Paper Boat Apps (Kiddopia), WildWorks (Animal Jam), Fusebox Games, NextWave Multimedia (WCC), and Curve Games, plus majority stakes in Funky Monkeys and Absolute Sports (Sportskeeda). - **NODWIN and PokerBaazi moved off the balance sheet** - NODWIN Gaming was de-consolidated in August 2025 and is now a 46.87%-owned associate pursuing its own IPO, while the share purchase agreement for additional shares in Moonshine Technology (PokerBaazi) was terminated after India’s 2025 online gaming law prohibited real-money poker. - **A change of control in mid-2025** - a consortium of Axana Estates LLP, Plutus Wealth Management LLP, and Junomoneta Finsol made a mandatory open offer to acquire up to 26% of Nazara’s shares, and together with a preferential allotment of INR 495 crore to Axana, the group held 27.15% of the company post-offer. - **Global platform partnerships** - Nazara maintains strategic relationships with Apple, Google, Amazon Web Services, Appsflyer, and India’s ONDC network, giving its studios access to the same infrastructure and distribution channels as the largest global gaming companies.