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Nazara commits Rs 30 crore to Griffin Gaming Partners Fund II over the next 3 years
Nazara Technologies Limited
Nazara Technologies Limited today announced that it along with its wholly-owned subsidiary Nazara Technologies FZ LLC (Nazara Dubai) have committed to invest Rs 30 crore (USD 4 million) in Griffin Gaming Partners (Griffin) Fund II, LP as a Limited Partner in the Fund.
Nazara Technologies Limited today announced that it along with its wholly-owned subsidiary Nazara Technologies FZ LLC (Nazara Dubai) have committed to invest Rs 30 crore (USD 4 million) in Griffin Gaming Partners (Griffin) Fund II, LP as a Limited Partner in the Fund. The investment is payable in cash in one or more tranches.
With this proposed investment, Nazara aims to become part of a global network of Limited Partners ("LP") of Griffin as well as its investee companies.
Nazara Dubai, a Limited partner in Griffin Gaming Partners, will invest up to Rs 10 crore (USD 1.34 million) upfront while the rest of Rs 20 crore (USD 2.66 million) will be deployed over a period of 3 years.
Access to this network should foster strategic partnership with Nazara's subsidiaries including but not limited to emerging market partnerships, investments etc. Management believes that the company aims to leverage the Griffin network for the following strategic initiatives:
1. Potential partnerships and/ or potential investment into Nazara and its subsidiaries.
2. Securing deal flow for future M&A from the current portfolio of the funds as well as inflow of deals coming to funds.
3. Co-investment opportunities into highly sought-after founders/ companies.
Griffin Gaming Partners Fund II was founded by Peter Levin, Phil Sanderson, and Nick Tuosto, with LionTree as a strategic partner to the Fund. The firm prefers to invest in gaming platforms and infrastructure, gaming content, and game studios. Griffin Gaming Partners Fund II is a leading venture capital firm singularly focused on investing in the global gaming market. The company has decades of investment, advisory and operational experience in the space.
Nazara Technologies CEO Manish Agarwal, "Griffin Gaming Partners led by Peter, Phil and Nick have established itself the go-to gaming fund for entrepreneurs across the world looking to raise smart money. The value addition which the Griffin team brings to the founding team is priceless and hence this partnership with Griffin will act as a catalyst to accelerate the growth of Nazara's footprint in local Indian and global gaming ecosystem."
In addition to the investment in Griffin Gaming Partners Fund II Nazara has acquired multiple companies over the past few years. Nazara has placed itself in a leading position in esports, interactive gaming and gamified early learning space with the 'Friends of Nazara' network.
Nazara has acquired a majority stake in Nodwin Gaming Pvt. Ltd; Next Wave Multimedia Pvt. Ltd., which operates World Cricket Championship (WCC), the largest mobile-based cricket simulation game, in addition to investment in Absolute Sports Private Limited, which operates Sportskeeda and Paper Boat Apps Private Limited - gamified early learning subscription app and OpenPlay - Skill Gaming.
