Nazara Technologies Raises ₹855 Cr; Candytoy Corporate Secures ₹110 Cr for Expansion
Nazara Technologies Secures ₹855 Crore to Drive Growth
Nazara Technologies, a leading online gaming company, has raised ₹855 crore ($100 million) via a preferential equity issue.
Key Investors:
- SBI Mutual Fund invested ₹220 crore.
- Other backers include Junomoneta Finsol, Think Investments, and CaratLane founder Mithun Sacheti.
Planned Investments:
- Acquire an additional 19.35% in Absolute Sports, the parent of Sportskeeda, boosting its ownership to 91%.
- Fund acquisitions to strengthen its global gaming portfolio.
Recent Acquisitions:
- Poker platform PokerBaazi's parent, Moonshine Technology, acquired for ₹832 crore.
- Other buys include Comic Con India, Fusebox Games, and Paper Boat Apps.
Performance:
- Revenue rose by 7.3% YoY in Q3 FY24 to ₹318.9 crore.
- Net profit, however, fell 32.7% to ₹16.2 crore.
Candytoy Corporate Raises ₹110 Crore for Global Growth
Indore-based Candytoy Corporate (CTC), a global leader in plastic promotional toys and confectionery, secured ₹110 crore ($13.22 million) in a Series A round.
Investors:
- Abakkus Asset Managers and Sixth Sense Ventures led the round.
Usage of Funds:
- Expand manufacturing to meet rising global demand.
- Build a skilled workforce to support growth.
Operational Highlights:
- Produces 10.5 million candy toys daily using over 250 machines.
- Supplies products to 40+ countries, including Europe, the US, and the Middle East.
Summary
Nazara Technologies plans global acquisitions and deeper market penetration, while Candytoy Corporate strengthens its manufacturing to meet global demands. Both companies are positioned for significant growth.
