WestBridge offloads Nazara stake to Plutus Wealth Management for Rs 500 crore

WestBridge offloads Nazara stake to Plutus Wealth Management for Rs 500 crore

WestBridge Capital has sold its entire shareholding in Indian gaming company Nazara Technologies to Plutus Wealth Management for over Rs 500 crore.

WestBridge, which had been one of the early investors in the company, had invested Rs 22.6 crore in Nazara since 2005, and obtained sales consideration of approximately INR 1000 Cr from its investment.

The company said that Plutus Wealth Management and its associates have acquired shares worth over Rs 500 crore in Nazara from WestBridge Ventures II Investment Holdings, a fund managed by WestBridge Capital in a secondary transaction between the parties.

“We are excited to onboard Plutus as a long term investor in Nazara,” said Nitish Mittersain, founder & MD, Nazara Technologies. “Creating value for all our stakeholders including our investors has always been very important for us and I am glad that we have been able to deliver a great return to WestBridge who backed us early on in 2005.”

The company added that this transaction marks the complete exit from Nazara by WestBridge Ventures.

On picking up stake in Nazara, Plutus Wealth Managing Partner Arpit Khandelwal said, “We believe gaming will be a prominent form of entertainment and will do well in the next decade. We believe that Nazara is well-placed to leverage on the vast available opportunity. We are excited to begin our long-term journey with their goal and vision.”

Nazara’s cap table includes marquee public market investors like IIFL Special Opportunities Fund and Rakesh Jhunjhunwala, who had invested Rs 327 crore in November 2017 and Rs 182 crore in December 2017, respectively.

The company claims to have invested over Rs 300 crore in the Indian gaming ecosystem in the last 5 years. It has interest in a variety of gaming sub-categories through its investments and acquisitions in various gaming categories including esports, edutainment, infotainment, fantasy sports, multiplayer games like carrom and mobile cricket games, among others.

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