• Acquisition and financial scale: Nazara is acquiring casual gaming companies BlueTile and BestPlay, which generated approximately ₹1,400 crore in revenue and ₹254 crore in EBITDA in 2025. The transaction begins with an initial $100 million payout ($60 million upfront and $40 million after six months), with Nazara planning to scale ownership to 100% by 2028 and effectively double its consolidated revenue and EBITDA.
• Earn-out deal structure: Payouts extending through 2029 are tied to aggressive performance targets across revenue, EBITDA, and cash flow, which management noted de-risks the deal and allows earn-outs to be predominantly funded by target cash generation.
• Platform synergies: The acquisition adds AI-driven game development capabilities and the BestPlay discovery platform, which Nazara aims to scale from 2 million to 20 million users to drive cross-promotion for existing IP like Kiddopia and Animal Jam.
• Profitability and write-offs: Management noted that reported PAT is heavily weighed down by the amortization of intangibles from acquisitions, making cash PAT a more accurate gauge of performance. The prior quarter's consolidated net loss was attributed to a specific write-off in the Moonshine Pokerbaazi business rather than underlying operational distress.