Nazara Technologies, which is funded by Rakesh Jhunjhunwala, said on Tuesday that it had invested USD 2.5 million in Bitkraft Ventures, a US-based game fund, to obtain access to the worldwide gaming industry. Bitkraft Ventures has received a USD 2.5 million investment from Nazara, a wholly owned subsidiary of Nazara Technologies.
“Nazara will invest USD 2.5 million in Bitkraft Ventures out of which USD 0.875 million will be invested upfront, while the balance investment amount of USD 1.625 million will be deployed over a period of three years,” the company said in a regulatory filing.
Bitkraft Ventures is a global investment platform specialising on gaming and Web3/blockchain businesses.
“Nazara, with the proposed investment, aims to build a network with limited partners (LP) as well as the investee companies to gain access into the global gaming ecosystem,” it said.
Nazara intends to use Bitkraft Ventures’ network to obtain possible collaborations and/or investment into the firm and its subsidiaries, as well as deal flow for future M&A from the funds’ current portfolio as well as transaction inflow. Furthermore, the proposed agreement will allow Nazara to co-invest in highly sought-after entrepreneurs and firms.
“Bitkraft Ventures have fast established themselves as one of the most promising investors in the global e-sports and gaming ecosystem. Our investment is in line with our long-term commitment to nurture and empower the gaming community across the world,” Manish Agarwal, CEO, Nazara Technologies said.
This investment will allow us to work toward fulfilling our strategic goal of being catalysts for empowering the global gaming community and charting the next stage of growth in an increasingly connected and virtual world over the next few years.
Commenting on the transaction, Malte Barth, Founding General Partner at Bitkraft Ventures said, “Given our long-term relationship with Nazara we are very excited to get into this partnership for a win-win between Nazara, the Bitkraft Venture portfolio companies and Bikraft Ventures as a platform.” He went on to say that the agreement will assist to improve connection into India’s strategically crucial video gaming business.
“We have done multiple investments in the subcontinent and intend to do more in the future, in addition to supporting international Investment to drive growth in India,” Barth added. Nazara Technologies has purchased a number of startups in the last several years, in addition to Bitkraft Ventures.
