Nazara Technologies Invests $2.5 Million in US-based Gaming, Web3 Fund BITKRAFT Ventures
BITKRAFT operates five venture funds with a total of over $570 million in assets under management and has over 80 companies in its global portfolio as of January 2022.
Nazara Technologies on Tuesday announced to have invested $2.5 million in a US-based game fund, BITKRAFT Ventures. $875,000 will be invested upfront, while the balance investment amount of $1.625 million will be deployed over a period of three years.
"The partnership will help to increase the connectivity into the highly strategic Indian video games market. 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," said Malte Barth, founding general partner, BITKRAFT Ventures.
The Indian gaming market was estimated to be valued at $1.89 billion in 2019, and it is expected to reach $4.01 billion by 2025, registering a compounded annual growth rate of 14.01 per cent over the forecast period 2020 to 2025, according to Mordor Intelligence, a market intelligence and advisory firm.
"Our investment in BITKRAFT is in line with our long-term commitment to nurture and empower the gaming community across the world. Over the course of the next few years, this investment will enable us to work towards realizing our strategic vision of becoming the catalysts to empower the global gaming community and chart the next stage of growth in an increasingly connected and virtual world," said Manish Agarwal, CEO, Nazara Technologies.
In addition to the investment in BITKRAFT Ventures, Nazara Technologies Ltd. has acquired multiple companies over the past few years. The company has placed itself in a leading position in esports, interactive gaming and the gamified early learning space with the "Friends of Nazara' network. Nazara has acquired a majority stake in Nodwin Gaming Pvt. Ltd, Next Wave Multimedia Pvt. Ltd., which operates World Cricket Championship (WCC), the largest mobile-based cricket simulation game, in addition to investment in Absolute Sports Private Limited, which operates Sportskeeda and Paper Boat Apps Private Limited - gamified early learning subscription app and OpenPlay - Skill Gaming. BITKRAFT Ventures is a leading investment platform for gaming and Web3 globally, and has been the most active gaming venture capital firm and lead investor in 2020 and 2021, according to research from InvestGame and Drake Star Partners. BITKRAFT operates five venture funds with a total of over $570 million in assets under management and has over 80 companies in its global portfolio as of January 2022. BITKRAFT Ventures is a leading investment platform for gaming and Web3 and blockchain projects globally.