Nazara Technologies, a gaming company, has clocked Rs 100 crore funding from Hornbill Capital-owned Instant Growth Ltd ahead of its initial public offering.
Founded in 2000 by Nitish Mittersain, Nazara has been in the business for a long time now and the global surge in smartphone penetration has further accelerated its growth trajectory, with millions of people going crazy over gaming.
“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,” Nazara’s CEO Manish Agarwal was quoted as saying by Inc42.
“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.”
The Mumbai-based gaming company filed its draft red herring prospectus for initial public offering with Securities and Exchange Board of India on January 15.