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Ace investor Rakesh Jhunjhunwala has acquired a minority stake in WestBridge Capital-backed Nazara Technologies for approximately Rs 180 crore. Nazara Technologies is a leading mobile games company which is engaged in the acquisition of, value addition to and distribution of mobile games across emerging markets.
Says Rakesh Jhunjhunwala, “I am always on the lookout for promising companies which are leaders in high growth verticals. Nazara is a leading company in the mobile games business. Nazara has a consistent track record of delivering profits, cash flows, along with efficient use of capital and high ROE. I see a growth potential in the company.”
Commenting on the recent investment, Nitish Mittersain, Managing Director & Founder, Nazara Technologies, says, “We are delighted to have Rakesh Jhunjhunwala as an investor in Nazara and it is a great validation of value augmentation delivered by Nazara for its existing shareholders.”
Last week, asset management firm India Infoline Finance Ltd’s (IIFL) Special Opportunities Fund has acquired a minority stake worth Rs 330 crore in Nazara Technologies.
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