Gaming company Nazara Technologies announced that it has raised INR 100 Cr (about $13 Mn) funding from Instant Growth Limited (IGL), an investment vehicle of the North America-based Hornbill Capital’s Orchid India Fund.
“We are glad that they (Hornbill) share our conviction and excitement on the future of the gaming sector in India and the value creation potential which gaming offers to the investors. The leadership team of Hornbill Capital has been part of the growth story of many consumer internet companies and we at Nazara look forward to leveraging their experience of working with some of the smartest tech entrepreneurs across the globe and having an inside view of blitz scaling of their portfolio companies in the last decade,” Nazara’s CEO Manish Agarwal said.
The fundraising comes ahead with Nazara’s attempts to go for a public listing. The Mumbai-based gaming company filed its draft red herring prospectus (DRHP) relating to its initial public offering (IPO) with market regulator Securities and Exchange Board of India (SEBI) on January 15. If successful, Nazara would be the first Indian gaming technology company to list publicly.
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