Nazara to acquire stake in influencer platform Kofluence and jointly launch social game discovery platform & community

Nazara Technologies Limited ("Company" or "Nazara") (BSE: 543280) (NSE: NAZARA) an India based, diversified gaming and sports media platform today announced that its board has approved an acquisition of 10.77% stake in Kofluence Tech Private Limited ("Kofluence") from certain existing investors of Kofluence (referred to below as the "Sellers") through a share swap.

Pursuant to the share swap transaction, the Company is proposing to issue 3,71,637 Equity Shares at a price of Rs. 872.15/- per Equity Share aggregating to Rs. 32,41,23,210 (Rupees Thirty-Two Crores, Forty-One Thousand lakhs, Twenty-Three thousand, two hundred and nine only) ("Issue") by way of preferential issue on private placement basis to the Sellers.

Kofluence is India's leading Social Media Influencer led Marketing-Tech platform with 600,000+ registered creators across Instagram, YouTube, Facebook, LinkedIn, and Twitter representing 20+ languages. Positioned as Full Stack Marketing platform, Kofluence caters to performance metrics across creating Awareness, Interest, Desire, and Action. Having worked with 500+ marquee clients across 20+ sectors, Kofluence has helped brands unlock value through social media creators.

The partnership between Nazara Technologies and Kofluence aims to launch an influencer-driven game discovery platform. This initiative will utilize influencers to promote Nazara's games on various social media platforms. Influencers can tailor their content to match their audience's preferences, creating buzz around new releases and driving downloads. This approach enhances Nazara's game visibility, enables targeted marketing, and allows for direct performance feedback, helping them penetrate diverse market segments.

Nitish Mittersain, Jt. MD & CEO of Nazara Technologies, expressed his enthusiasm, saying, "Kofluence is pioneering creator economy led platforms and Sreeram's extensive gaming experience is invaluable to create a pioneering influencer led game discovery platform and community. Our goal is to create an environment where gaming collaborates with the creativity of influencers, enriching the gaming experience for a global audience. Our new game publishing initiative 'Nazara Publishing' will particularly benefit from this new initiative".

Sreeram Reddy Vanga, Co-founder, and CEO of Kofluence, stated, "Nazara's investment is a powerful validation of our joint mission to revolutionize the gaming industry. With our extensive network of over 600,000 creators, we're well-positioned to greatly enhance the visibility and engagement of Nazara's gaming portfolio. This partnership is not only expanding Nazara's game reach but also reshaping game marketing dynamics, bringing every creator and user into an expansive and captivating gaming narrative."

Shares of Nazara Technologies Limited was last trading in BSE at Rs. 937.00 as compared to the previous close of Rs. 966.95. The total number of shares traded during the day was 23393 in over 2396 trades.

The stock hit an intraday high of Rs. 966.95 and intraday low of 931.70. The net turnover during the day was Rs. 22159259.00.

Source : Equity Bulls

Keywords

NazaraTechnologies INE418L01021 StakeAcquisition Kofluence