Asia
Nazara Technologies Ltd. – Business Update for the year ended on March 31, 2021
In accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 and Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information in terms of Regulation 8 of SEBI (Prohibition of Insider Trading) Regulations, 2015, the Company would like to update on the following key business parameters on consolidated basis for the Year ended March 31, 2021
Business Overview:
Nazara is an India based, diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America.
As of March 31, 2021, Nazara has diverse business segments with revenue generation happening across gamified learning, Esports, freemium and telco subscription.
| S. No. | Business Segment | Business Model | Content IP Ownership | IP Name | % Revenue Contribution FY21 |
| 1 | Early learning | Gamified App for 2–6 year old kids with subscription paid by parents | Yes | Kiddopia | 39% |
| 2 | Esports | Premium exclusive content / (Media rights licensing) & brand sponsorships (ads shown on the platform) | Yes | Nodwin, Sportskeeda | 37% |
| 3 | Freemium | Ads & virtual items purchased within the games | Yes | WCC | 4% |
| 4 | Telco Subscription Business | Players subscribing to curated game packs and payment collected through telecom operator channel | No | – | 16% |
| 5 | Skill Based Real Money Gaming | Platform fee collected from the skill games played on the platform | Yes | Halaplay, Qunami | 4% |
Income Statement Performance: Snapshot of FY21 over FY20
Key Highlight of FY21: Delivered 84% YoY revenue growth and 470% YoY EBITDA growth
Revenue Performance: Snapshot – FY21 when compared to FY20
Nazara Technologies delivered consolidated revenue of 4,542 Mn INR (unaudited) in FY21 which is 84% growth over FY20 (2,475 Mn INR). Gamified learning and Esports segments have not only demonstrated strong growth momentum in FY21 but have also laid foundation for predictable growth on account of proven user engagement and retention KPIs in gamified learning and multiyear media licensing and game publisher agreements in case of Esports.
Segment wise revenue breakup is as follows:
| Revenue INR Mn | FY21
(unaudited) |
FY20 (audited) |
% Growth |
| Gamified Learning | 1,758 | 191* | 820% |
| Esports | 1,701 | 842* | 102% |
| Freemium | 195 | 198 | (2%) |
| Telco Subscription | 749 | 818 | (8%) |
| Real Money Gaming | 139 | 426 | (67%) |
| Total Revenue | 4,542 | 2,475 | 84% |
*included from date of acquisition in the consolidated financial statement for FY20.
Consolidated EBITDA Performance: Snapshot – FY21 when compared to FY20
EBITDA including share of non-controlling interest for FY21 has witnessed 470% growth over FY20.
| Particulars | FY21 (unaudited) |
FY20
(audited) |
| EBITDA margin | 12% | 4% |
As Nazara is operating in high growth business segments such as gaming, gamified learning and Esports, we will continue to drive profitable growth while prioritizing growth over profit maximization at this stage so that we can achieve and maintain market leadership in the segments we operate in.
Segment wise commentary on business performance:
- Gamified Learning: Kiddopia had 340,282 paying subscribers as of March 2021 which is a 172% increase in number of paying subscribers as compared to March 2020 (197,522).
LTV (Lifetime Value) – CAC (Consumer Acquisition Cost) Parameters: Cost per trial has stayed range bound between 22 USD to 26 USD in last 12 months and activation ratio from free trial to subscription has also remained around 70%. Monthly ARPU of the user has been around 6.3 – 6.4 USD and monthly churn is range bound between 4% – 6% across the months in FY21.
- Esports: Esports revenues comprise of media rights licensing of own content, brands sponsorships for offline and online events, licensing fee received from game publishers for community activation and programmatic inventory selling on Sportskeeda. Esports is disrupting traditional sports worldwide and is an outcome of sports and gaming intersecting to create fast paced spectator entertainment content.
- Sportskeeda witnessed 487% growth in MAU in FY21. During peak cricket season (October 2020), Sportskeeda recorded 68.44 Mn MAU up from 10.53 Mn MAU in April 2020.Sportskeeda has emerged as a leading Esports news and content destination in India.
- Nodwin continued revenue growth momentum with 75% growth in FY21 over FY20. Media rights contributed to majority of the revenues in FY21 and game publishers formed second largest source of revenue wherein Nodwin partnered with them for grass route community tournaments across India. Nodwin also expanded into South Asia in FY21. Nodwin continues to be the dominant player in Esports in India with its marquee IPs like ESL India premiership, Dew Arena etc.
- Free to Download (Freemium): WCC (World Cricket Championship) is the world’s largest cricket simulation game franchise on mobile and is played for ~46 minutes / day by over 15 Mn monthly active users. The Game has a very strong franchise among the midcore gamers who love virtual sports simulation genre and gets over 100,000 downloads every day organically and without any marketing spends. WCC revenues were flat in FY21 on account of drop in advertising rates in India due to COVID. We expect growth in WCC to come from in app purchases of virtual goods and WCC3 – the latest version of the game launched in July has been designed for enhancing in-app purchase conversion rates.
- Scale of Daily Active Users (DAUs) of world cricket championship (WCC) is stable with few spikes seen during first phase of lockdown in April 20 and during IPL 20.
- Tangible progress has been made on % conversion ratio (daily paying to daily active users (DPU/ DAU)) in FY21 via launch of WCC3. The % conversion in WCC3 has increased multi-fold to 0.08% – 0.10% as compared to 0.01% in WCC2. % Conversion in WCC3 is expected to increase further in FY22 through new product updates.
Once positive LTV/CAC equation is achieved, the company will invest aggressively in user acquisition to scale up its user base on WCC and drive profitable growth.
- Telecom operator driven Subscription business declined by 8% in FY21 over FY20 primarily due to decline in India revenues in H2FY21. Nazara has acquired rights to distribute a library of premium Disney and Star Wars games based on iconic stories and characters including Star Wars, Frozen, Big Hero 6, Cars, Duck Tales, Finding Dory, Toy Story and many others in 100 countries for three years. These premium games will be distributed through Nazara’s network of telecom operators to their customer base. Under this agreement with Disney, Nazara is the only third party distributor that Disney has granted the right to create and operate Disney themed storefronts for premium Disney and Star Wars games on these telco channels.
- Sports Fantasy (Real Money Skill Gaming): Sports fantasy witnessed disruption in FY21 on account of lack of live matches in first half of FY21 and regulatory turbulence triggered by legislative ordinances passed in few of the large states banning real money gaming operations. The lack of stability in the regulatory framework lead to Nazara taking strategically cautious approach in this vertical till further clarity emerges. We have therefore pivoted to a product driven growth strategy versus an aggressive customer acquisition spends led strategy and the team is focused on enhancing existing as well as bringing new product features to differentiate ourselves in this segment.
About Non-Financial GAAP measurement
We use EBITDA as supplemental financial measures. EBITDA is defined by us as net income before interest expense, income tax expense and depreciation and amortization, including share of non-controlling interest. EBITDA as used and defined by us, may not be comparable to similarly-titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. EBITDA should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA provide no information regarding a Company’s capital structure, borrowings, interest costs, capital expenditures and working capital movement or tax position.
These numbers have not been subjected to audit or limited review.
Max Level will work closely with Riot’s India and South Asia teams to amplify brand campaigns, regional esports initiatives, product updates, and community-first storytelling in India, Bangladesh, Nepal, and other South Asian markets. The collaboration aims to build authentic, culturally resonant narratives that reflect Riot’s mission as a player-focused organisation.
The win follows a competitive multi-agency pitch process that saw Max Level selected from among several top PR agencies. The decision was based on Max Level’s deep understanding of the gaming and esports audience, its creative-first approach, and its proven ability to drive conversation and cultural relevance.
Siddharth Nayyar, Co-founder and Chief Executive Officer at Max Level, said, “Winning the PR mandate for Riot Games is a defining moment for us. Riot has not only shaped the modern multiplayer era but also built global communities around player-first values. We’re thrilled to help expand that legacy in India and South Asia, a region that’s growing and evolving at a breakneck pace.”
Max Level’s mandate includes ongoing campaign support for key products and IPs, regional amplification of Riot’s global esports events, as well as strategic counsel on community engagement and creator collaborations. The agency’s track record with brands like NODWIN Gaming, SuperGaming, CyberPowerPC India, KRAFTON, ESL FACEIT Group among others makes it uniquely positioned to drive culturally relevant PR in gaming and esports.
According to the Lumikai State of India Gaming Report 2024, India’s gaming market reached $3.1 billion in FY23, with projections to hit $7.5 billion by FY28, fueled by a base of over 568 million gamers, nearly half of whom are paying users. The report also highlights how India is now the largest consumer of mobile games globally, creating an immense opportunity for publishers like Riot to scale their reach and community.
The post Max Level Wins PR Mandate for Riot Games in India and South Asia appeared first on European Gaming Industry News.
The next highly anticipated gaming event on EGT Digital’s calendar is SiGMA Asia, which will be held on June 3rd and 4th in Manila. Together with EGT, the iGaming provider will welcome visitors at booth 1113 to reveal its impressive selection of innovations and bestsellers.
The guests will be able to try out EGT Digital’s wide range of over 140 casino games spanning a variety of themes, as well as further increase their chances of winning with the Bell Link, Clover Chance, High Cash, and Single Progressive jackpots. The 4-level multi-denomination Gods & Kings Link will be presented for the first time locally. It received positive feedback after its recent official debut and is expected to get a warm acceptance also from Asian operators and players. Currently including 3 games: Ape of Luck, Glorious Alexander, and Rise of Ra, with more to join in the coming months, it will offer the show attendees numerous bonuses and a lot of fun.
EGT Digital will also demonstrate X-Nave, its in-house developed “all-in-one” betting platform, providing all the tools and features needed for building and maintaining a successful online business or for improving current performance. X-Nave includes 4 main modules: Sport Product, Gaming Aggregator, CRM Engine, and Payment Gateway. Depending on the operators’ needs, each of them can be used as part of the complete solution or independently, as they can integrate with developments from third-party providers.
“EGT Digital’s products have enormous potential for the local markets, and SIGMA Asia provides us with a great opportunity to showcase them to many potential future clients in the region,” said Mariana Manchina, Director of EGT Philippines. “In addition, we are also looking forward to the prestigious SiGMA Asia Awards, where our company is shortlisted in the Best Sportsbook Provider 2025 and Best Platform 2025 categories.”
The post EGT Digital’s innovative developments to captivate visitors at SiGMA Asia 2025 appeared first on European Gaming Industry News.
EGT is pleased to announce that it will participate in this year’s edition of SiGMA Asia, which will take place on 03 and 04 June in Manila. “We have prepared a fascinating selection of products developed specifically for the Asian markets, so don’t miss the chance to stop by our booth 1113 and learn more about it!,” said Mariana Manchina, Director of EGT Philippines.
Among the main highlights will be the 4-level progressive Zhao Cai Shuang Yu jackpot, which will be presented to the local gaming audience for the first time. Housed in the popular slot cabinet G 50 J1 Up, it will dive visitors into the world of its 2 games Prosperity Strike and Rising Coins, enabling them to collect special symbols and win at any bet level, with higher stakes increasing the likelihood of hitting the highest Grand level.
Sheng Sheng Bu Xi and Cai Fu Tian Jiang, which have already been successfully installed in various gaming venues across different countries, will also be on display. They will invite the guests to embark on captivating adventures that will reward them with riches and lots of fun. Numerous attractive bonus features will add even more thrill to the game, providing additional winning opportunities.
The top-performing G 50 C Up and G 50 J2 Up cabinets and the vast diversity of the General Series multigames will complement EGT’s slot display.
The company will present its ETG developments as well. The attendees will be able to try out the GS 32 T and S 32 T terminals, which feature frameless displays for crystal-clear visuals, numerous ergonomic functionalities, and enormous flexibility, allowing them to participate in endless configurations. The G RSA, EGT’s compact Standalone Automatic Roulette center, will also demonstrate its seamless connectivity to all the company’s play stations. The option to add an American roulette wheel further enriches the gaming choice and guarantees an engaging player experience.
EGT Digital will also showcase its extensive portfolio of iGaming solutions, featuring instant and casino games, jackpot products, as well as the in-house developed “all-in-one” betting platform X-Nave, which comprises four main modules. All this provides operators with a complete solution for building and maintaining a successful online business.
Ms. Manchina concluded: “SIGMA Asia is one of the most important gaming events in the region and I am glad that we will take part in it once again. Our participation in the previous 2 editions was very fruitful, having brought us many valuable new contacts and the opportunity to present our high-potential products to the key players in the local markets. I believe that our performance in 2025 will be the same, and it may even be better. This year, we are even more excited because EGT is a finalist in the SiGMA Asia Awards, where we will compete for the accolade in the Best Land-based Game Feature category.”
The post EGT’s Asian-themed products to make a splash at SiGMA Asia 2025 appeared first on European Gaming Industry News.
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