Gaming Companies

Nazara Technologies' board approves five investments worth Rs 196 cr

Gaming and sports media firm Nazara Technologies' board has approved five investments worth Rs 196 crore, including 100 per cent acquisition of stake in Sportskeeda owner firm Absolute Sports, the company said in a regulatory filing on Monday. Of the total Rs 196 crore, Nazara will invest Rs 148 crore in existing subsidiaries, including Sportskeeda, Nodwin Gaming, and Datawrkz, to increase its ownership in them and support their growth. The company will invest Rs 69 crore to purchase shares arising from exercise of ESOPs from the Sportskeeda management to increase its stake to 100 per cent in the company, making it a wholly owned subsidiary. Nazara Technologies board approved investment of Rs 64 crore in its subsidiary Nodwin Gaming. The investment will be done through subscription of optionally convertible preference shares. The funds will support Nodwin's expansion, enhance its intellectual properties (IPs), and strengthen its footprint in emerging markets, according to the ...

Nazara Tech raises Rs 855 cr via preferential issue to fuel expansion

In a regulatory filing on November 27, Nazara's board approved the allotment of 8,959,728 shares at an issue price of Rs 954.27 a share

Gaming unicorn Games24x7 looks to branch out as technology platform

The program will provide mentorship, masterclasses, networking, and funding opportunities, along with credits worth $500,000 from over 30 technology partners

Nazara Tech up 4%, hits 52-wk high on Rs 982-cr investment in 'PokerBaazi'

The uptick in Nazara Technologies share price came after the company announced that it has invested Rs 982 crore in Moonshine Technology, which owns and operates online poker platform PokerBaazi

Nazara Technologies up 6% on acquiring 15.86% stake in STAN for Rs 18.4 cr

The shares of Nazara Technologies surged after the company announced that it has acquired a 15.86 per cent stake in STAN for Rs 18.4 crore (or $2.2 million) in an all-cash secondary transaction.

Indian online gaming industry needs unified regulator: Gujarat NLU report

The online gaming space in India needs a uniform legal framework, evidence-based policy interventions, and an important equilibrium between user protection and the industry's economic potential, a recent report has said. The Gujarat National Law University (GNLU) on Wednesday released the "Evaluating Blanket Bans and Mandatory Limits in Gaming" report, calling for regulations on the online gaming industry. With over 500 million gamers, India is the second-largest market globally after China, the report said. "This rapid expansion, as with any emerging technology, has brought forth challenges, particularly concerning user safety and financial risks. The absence of an overarching regulation has left users in a grey zone," it said. The report studied international frameworks and noted that unlike India, nearly all jurisdictions have established licensing processes and enforced a duty of care for gaming operators. "India should adopt a regulatory framework that mandates operators to

Gaming major Nazara Tech buys UK-based Fusebox Games for Rs 228 cr

Gaming and esports company Nazara Technologies on Thursday announced acquisition of Fusebox Games, an IP-based gaming studio in the United Kingdom, for Rs 228 crore in an all-cash deal. Fusebox has 30 employees primary based in the UK. "Nazara Technologies, India's only publicly listed diversified gaming and sports media company, announced the acquisition of Fusebox Games," a release said. Nazara said it will purchase Fusebox for Rs 228 crore in an all-cash transaction. Fusebox publishes interactive story game Love Island' and is developing new games based on popular global TV IPs. For calendar year 2023, the company reported revenue of Rs 87.5 crore with an EBITDA (Earnings Before Interest Tax Depreciation and Amortisation) of Rs 11.7 crore. According to the release, during calendar year 2024, Fusebox demonstrated strong growth with year-to-date revenue (January - July) at Rs 116.6 crore with an EBITDA of Rs 33.3 crore. "We see a large opportunity in building an IP based global

Nazara arm buys assets of US gaming content platform DeltiasGaming.com

Nazara Technologies' subsidiary Absolute Sports will acquire all the assets of DeltiasGaming.com, a US gaming and esports content platform, for about Rs 7.5 crore, a release said on Tuesday. DeltiasGaming.com had revenues of USD 575,000 (about Rs 4.8 crore) for 12-month period ended June 2024. Absolute Sports will use its cash reserves to fund the all-cash transaction, to be paid over one or more tranches. The Rs 7.5 crore transaction is set to be closed in the next 45 days. "Absolute Sports, a Nazara Technologies subsidiary and the parent company of Sportskeeda.com, ProFootballNetwork.com and SoapCentral.com, today announced that it has signed an asset purchase agreement, subject to closing conditions, to acquire all the assets of DeltiasGaming.com," the release said. With this acquisition, Absolute Sports, which already serves a large gaming audience with its flagship brand Sportskeeda.com, aims to deepen its presence in the gaming and esports media publishing sector in the US ..

Indian gaming market revenue may double to $6 billion by 2028: Report

India is the fastest growing mobile gaming market and the annual revenue of the overall Indian gaming industry is expected to almost double to USD 6 billion by 2028 from USD 3.1 billion in 2023, a joint report by Interactive Entertainment and Innovation Council and online gaming firm Winzo said on Wednesday. The India Gaming Report 2024 based on Interactive Entertainment and Innovation Council (IEIC) analysis and secondary data, projects paying gamers to reach 240 million by 2028 from 144 million paid users for games in 2023. "The Indian gaming industry comprises over 1400 gaming companies, including 500 gaming studios. The annual revenue for gaming is projected to reach USD 6 billion by 2028," the report said. According to the report, the number of professional players will grow by 2.5 times over the next five years from 500 in 2023 on the back of recognition by the government of esports and various state government-led initiatives to develop talent around esports. "In just four .

International Game Technology to merge two units with Everi in $6.2 bn deal

IGT shareholders are expected to own about 54% of the combined company, with the rest going to Everi stockholders

Monthly GST mop-up from online gaming companies jump 400% since Oct 1

Monthly GST collections from online gaming companies have jumped over 400 per cent to about Rs 1,200 crore since October 1 when the 28 per cent levy on e-gaming platforms has come into effect, a senior official said on Friday. The GST Council had in August last year clarified that online gaming companies will have to pay 28 per cent Goods and Services Tax (GST) on the full face value of bets placed on their platforms. Foreign e-gaming companies were mandated to register with the GST authorities, failing which their portals will be blocked. The amendments to GST law came into effect from October 1, 2023. "There has been a jump in GST revenues from online gaming companies post October 1. From monthly revenue of Rs 225 crore, the aggregate tax paid by the sector now stands at about Rs 1,200 crore," the official told PTI. GST officers had last year sent around 71 show cause notices to online gaming companies for alleged GST evasion of over Rs 1.12 lakh crore during financial years 2022

Rolling dice on tax changes: Investor interest in real-money gaming sours

Look to take measured bets in casual and mid-core games

Gaming industry signs code of ethics for safe, trusted & accountable gaming

Joy Bhattacharjya, Director-General, FIFS, said that India's gaming sector is a sunrise sector, with almost 50 crore active users

Grand Theft Auto VI trailer unveiled: Know details, release date and more

GTA VI video game to come on PlayStation 5, Xbox Series X and Series S in 2025

Over 50% Indian gamers see a career in gaming, shows HP India study

The company has introduced the HP Gaming Garage, a free-of-cost online professional certificate program on Esports management and Game development

Rockstar Games to announce Grand Theft Auto 6 video game this week: Report

The next GTA franchise instalment is expected to release early next month on Rockstar Games' 25th anniversary

Gaming cos to collect 28% on full bet value, foreign firms to have GST no

From October 1, online gaming companies will charge 28 per cent GST on full value of bets, while offshore platforms too would be required to have GST registration to operate in India. The finance ministry late on Friday notified October 1 as the appointed date for the amended provisions in Central GST and Integrated GST laws to come into effect. E-gaming companies, however, flagged that since many states are yet to pass amendments in their respective State GST (SGST) laws, this notification by the union government in CGST and IGST laws will create confusion. According to the changes to the Central GST Act, online gaming, casinos and horse racing will henceforth be treated as "actionable claims" similar to lottery, betting and gambling and subject to 28 per cent Goods and Services Tax (GST) on full face value of bets. The amendments to Integrated GST (IGST) Act makes it mandatory for offshore online gaming platforms to take registration in India and pay 28 per cent tax in accordance

IT ministry puts plan to form self-regulatory body for gaming on hold

BS had reported that if the ministry finds that big players are backing SRBs and that the bodies lack independence, certification of games will be considered instead of self-regulation

Gaming firm Nazara Technologies to raise Rs 410 cr from SBI Mutual Fund

Company will use investment for growth objectives including strategic acquisitions

Gaming unicorn MPL lays off 350 employees, revisits office infra costs

The move comes at a time when the GST Council has recommended imposing a 28 per cent tax on full deposit value, with no distinction made between games of skill and chance