Nazara Tech rises after arm to acquire 15.86% stake in STAN for Rs 18 crore

Nazara Technologies gained 3.27% to Rs 992.75 after the company's wholly owned subsidiary, Nazara Dubai FZ entered into share purchase agreement to acquire 15.86% stake in GetStan Technologies (STAN) for Rs 18.4 crore or $2.2 million.

STAN is a leading gaming community platform in India, dedicated to creating a vibrant ecosystem for gamers and creators. With a mobile-first design and a focus on user experience, STAN connects gamers, facilitates meaningful interactions, and provides tools for content creators to thrive. As on 31 March 2024, turnover of the company was Rs 15 crore.

The company will acquire 317,333 shares for total consideration not exceeding Rs 18.4 crore or $2.2 million. The said acquisition will be completed within 30 days.

 

Nitish Mittersain, Founder and CEO, Nazara Technologies, stated, Nazara's investment in STAN strengthens our position in the rapidly growing gaming and esports landscape. STANs mobile-first approach and focus on community engagement align perfectly with our vision to become a leading player in the global esports ecosystem. This acquisition allows us to expand our reach while empowering content creators and fostering a stronger gaming community.

Parth Chadha, CEO, STAN expressed his excitement, Nazaras investment will be a major boost for STAN, fast-tracking our journey to redefine gaming and esports, communities and help us achieve our vision.

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.

The gaming and sports media company's consolidated net profit (from continuing operations) increased 13.23% to Rs 23.62 crore in Q1 FY25 from Rs 20.86 crore reported in Q4 FY23. Revenue from operations stood at Rs 250.08 crore in Q1 FY25, down 1.71% from Rs 254.43 crore reported in the same period a year ago.

Powered by Capital Market - Live News