The Competition Commission of India (CCI) has approved the acquisition of a majority stake and control in Nazara Technologies by Axana Estates LLP, Plutus Wealth Management LLP, and Junomoneta Finsol Pvt.
The approval comes after the three entities made an open offer in January to acquire up to 26 per cent stake in the Mumbai-based gaming and sports media company from public shareholders. Around the same time, Nazara raised $60 million in funding led by Axana Estates against a 5.4 per cent equity stake.
Following this transaction, Axana Estates and Plutus Wealth Management will together hold a 27.2 per cent stake in Nazara Technologies, which was founded in 1999 by Nitish Mittersain, who currently retains 8.75 per cent ownership alongside Mitter Infotech.
Plutus Wealth entities previously held a 13.3 per cent stake in Nazara. Post-acquisition, Plutus Wealth Management and Arpit Khandelwal will command 11.54 per cent and 7.87 per cent, respectively. Other significant shareholders include SBI Mutual Fund (8.52 per cent) and Rekha Jhunjhunwala (7.06 per cent), who holds the shares on behalf of the late investor Rakesh Jhunjhunwala.
Axana Estates lists Arpit Khandelwal, founder of Plutus Wealth, and Mithun Sacheti, founder of CaratLane (now owned by Titan), as its designated partners. Both Khandelwal and Plutus Investments also hold stakes in Junomoneta Finsol.
Nazara Technologies has been on an aggressive acquisition trail since November 2024, when it raised $100 million through a preferential allotment to fund expansion. In recent months, the company and its subsidiaries have picked up majority stakes in several global gaming and content firms, including Curve Games, TJRWrestling, ITRWrestling, King of Thieves and CATS, Trinity Gaming, and Funky Monkey.
