Gaming and sports media platform Nazara Technologies on Friday said it will invest up to Rs 30 crore in its subsidiary Next Wave Multimedia after receiving in-principle approval from the board of directors.
Next Wave Multimedia is a mobile game developer with a focus on casual and multiplayer mobile games in the sports genre. The Chennai-headquartered firm was acquired by Nazara Technologies in 2018 and currently holds about 52.38 per cent stake in the firm.
The firm’s most popular game is World Cricket Championship (WCC), which claims to be the largest mobile-based cricket simulation game. Later it also released two sequels of this game – WCC2 and WCC3. This game is played by 10.7 million monthly active users for 45 minutes everyday. This information was given by Nazara Technologies in a report released in February 2022 regarding its earnings.
Also read- Russia-Ukraine War: Indian investors’ money dipped more than Ukraine’s GDP in just 3 weeks
Apart from this, the firm also has games like Real Carrom, World Table Tennis Champs and Bowling Wizards. According to a November 2021 report by Moneycontrol, the company is also looking to launch its own NFTs.
Nazara currently has only Next Wave Multimedia games in the freemium game segment. In the December quarter, Nazara’s revenue from the freemium game segment stood at Rs 5.7 crore, of which it made a net profit of Rs 1.4 crore. At the same time, in the same quarter of its last financial year, the company had a profit of Rs 1.2 crore on the revenue of Rs 6.2 crore.
Nazara had earlier said in a statement that it was looking for more acquisition opportunities to expand its freemium business. Manish Agarwal, CEO of Nazara Technologies, said in an interview to Moneycontrol a few months ago, “At freemium, we only have cricket. We want more competitive multiplayer games. We want to have more IP in eSports and more. Want to expand to more countries.
,