Nazara Technologies advanced 1% to Rs 503.80 after the company announced that Kiddopia Inc and Mediawrkz Inc have been given unrestricted access to the entire amount of $7.75 million that was held at SVB.
On Sunday (12 March), Nazara Technologies had announced said its step down subsidiaries Kiddopia Inc and Mediawrkz Inc hold cash balances worth $7.75 million (about Rs 64 crore) in US-based Silicon Valley Bank (SVB).
Kiddopia Inc is a 100% subsidiary of Paper Boat Apps (owned 51.5% by Nazara) & Mediawrkz Inc is a 100% subsidiary of Datawrkz Business Solutions (owned 33% by Nazara).
In a regulatory filing made during market hours today, Nazara Technologies informed that both the companies i.e. Kiddopia Inc and Mediawrkz Inc have been given unrestricted access to the entire amount of $7.75 million (approximately Rs 64 crore) that was held at SVB.
From this amount, a sum of $7.25 million (about Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of $0.5 million (about Rs 4 crore) remains in SVB accounts for unrestricted operational use.
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Nazara Technologies is a diversified gaming & sports media platform with presence in India and across emerging & developed global markets such as Africa and North America. It has offerings across the interactive gaming, eSports, ad-tech and gamified early learning ecosystems including World Cricket Championship (WCC) and CarromClash in mobile games, Kiddopia in gamified early learning, Nodwin, PublishMe and Sportskeeda in eSports and eSports media, OpenPlay, Halaplay and Qunami in skill-based, fantasy and trivia games, and Datawrkz in digital ad-tech.
The company's consolidated net profit jumped 75.73% to Rs 18.1 crore in Q3 FY23 from Rs 10.3 crore recorded in Q3 FY22. Revenue from operations soared 69.43% year on year (YoY) to Rs 314.80 crore in the quarter ended 31 December 2022.
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