Nazara Technologies Limited (BSE: 543280 NSE: NAZARA), India’s leading diversified gaming and sports media company, today announced its largest fund raise to boost its growth trajectory. The company’s board has approved a preferential equity issue to raise INR 900 crores, subject to shareholder and regulatory approvals. This capital infusion will fuel strategic acquisitions, fund business expansion, and enhance the company’s ability to seize new growth opportunities.

The preferential equity issue amounting to INR 900 crores will be placed with marquee investors such as SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments and Aamara Capital, further strengthening Nazara’s financial foundation for long-term expansion. These shares will be subject to SEBI regulations and lock-in requirements as per Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018.

In a parallel development, Nazara also acquired an additional 19.35% stake in Absolute Sports Pvt. Ltd., the parent company of Sportskeeda, for INR 145.5 crores, with 50% of the consideration paid in cash and the remaining amount in stock. With this, Nazara now holds a 91% ownership stake in Absolute Sports, solidifying its leadership position in the sports media domain.

Sportskeeda, Absolute Sports’ flagship brand, reaches millions of sports fans globally each month, with significant traction in India and the U.S., where it ranks among the top sports platforms. In addition, Absolute Sports has recently expanded by acquiring  Pro Football Network (PFN), SoapCentral, and Deltia’s Gaming, further diversifying its sports and entertainment portfolio.

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Nitish Mittersain, CEO & Jt MD of Nazara Technologies Limited remarked “Nazara has demonstrated its ability to attract top-tier investors who believe in our long-term vision of establishing India’s first globally respected gaming powerhouse. This INR 900 crores fundraise will be instrumental in accelerating our growth across key segments. Additionally, increasing our stake to 91% in Absolute Sports (Sportskeeda) reinforces our leadership in the sports media landscape. The growth of Absolute Sports, from its early days as a startup to becoming a global media player, underscores our commitment to supporting innovative teams that consistently deliver transformational growth.

KGeN, a community led gaming platform and Riot Games have partnered for the launch of LIFT//OFF, a community-led & data-driven online training academy to forge the next set of professional VALORANT athletes. This program will allow everyday gamers to make a mark, whether it is through their in-game achievements or showing off their skills at a global stage. 

The program sets a new standard as a community-driven program by strategically selecting gaming content creators as ‘creators’ and seasoned competitive gamers as ‘trainers’, from the VALORANT community to lead this training academy. They will select 20 creators from a pool of applicants, these creators will then form their own teams from within their communities. Each creator will either select 5 players for their team or play alongside 4 players, forming a total of 60 to 80 players. Additionally, 20 trainers will be selected, with each assigned to one of the 20 creator-led teams.

A gamer’s in-game VALORANT performance, including stats like hours played, win rates, successful kills, headshot percentage, and KDR, combined with their social standing in the community, such as tournament wins, content creation skills, and positive feedback, will be the foundation for selecting the first group of Trainers, Creators, and esports recruits for LIFT//OFF.

LIFT//OFF will offer all participants a first of its kind opportunity to connect with the global esports community. Top-performing teams will have the chance to showcase their skills in official VALORANT tournaments. Additionally, creators and trainers will receive official VALORANT merchandise, highlighting their involvement in shaping this program and contributing to the growth of the esports community in India. The program will include a mentor cohort which will captivate and engage a diverse audience.

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The program aims to not only elevate the skills of esports recruits but also cultivate the next generation of esports idols. The program’s teachings extend beyond in-game strategies to encompass the broader aspects of life as an esports professional. By mentoring participants in every facet of the player’s social persona, KGeN seeks to use data to build the reputation and “gamer cred” of everyone involved, ensuring they are well-rounded individuals ready for the spotlight. Data-driven insights will be used to tailor tutorials and challenges, helping each participant address specific areas where they need help.

LIFT//OFF Roadmap

1. Launch (Sep 18) – Applications for Creators, Trainers & Recruits go live.

2. Last Date to Apply (Oct 10) – Last date for Creators, Trainers & Recruits to apply.

3. Weekly & Daily Challenges Leaderboard (Nov 4 – 26) – In this period, players can take part in-game challenges to test their learning and also win rewards from the leaderboard.

4. Finale (Nov 30 – Dec 3) – LIFT//OFF will feature a final tournament, to assess the learnings of the Recruits and the teaching effectiveness of Trainers.

How To Apply?

To join the LIFT//OFF program, select the role that best suits you and fill out the required details in the application form. A KGeN representative will reach out to you shortly to guide you through the next steps.

An Islamic party said it was prepared to shut down Malaysia’s only casino if it wins control of the state where it is located, as the group looks to build its influence in the Southeast Asian nation.

A senior official from Parti Islam Se-Malaysia said if voters in central Pahang state – home to Genting Bhd.’s casino – wanted gambling to end, they should choose the Islamic party. The party is tapping into concerns by the country’s Muslim majority over gambling, which is forbidden in the Koran.

PAS has been growing its influence since the 2022 elections made it the biggest party in federal parliament. It already controls four of Malaysia’s 13 states and is looking to capture Pahang in the next national election that must be held by early 2028.

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“Gambling is harmful, so we have to close it. But it must be in accordance with the laws and constitution,” Andansura Rabu, PAS’ deputy commissioner for Pahang, said at the party’s annual gathering.

The federal government decides on casino and gaming permits in Malaysia and gaming is one of the most regulated sectors in the country.

Genting’s casino contributed as much as US$1.16 billion annually to government coffers before the pandemic, according to a report by UOB Kay Hian, a Singapore-based brokerage. When PAS emerged as the biggest party after the 2022 elections, Genting shares slid but recovered as Anwar formed a unity government made up of liberals, a Chinese-dominant party and regional groups.

Still, the growing influence of the Islamic party in national politics has pushed Anwar to turn more conservative to burnish his credentials with voters. Last year his government cancelled a concert after two members of a British band The 1975 shared a same-sex kiss on stage, and banned Swatch watches that showcase Pride colours.

At the annual gathering held last weekend in Pahang, PAS has ruled out working with Anwar’s coalition and pledged to champion Islamic issues. Banning alcohol and gambling in Malaysia would be key, the party has said.

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“Anything that can harm society, we must together support its destruction. This isn’t a matter of religion, it’s a social issue,” Andasura said.