Nitish Mittersain-led Nazara Technologies Ltd completed the acquisition of gaming and entertainment company Smaaash Entertainment Pvt. Ltd. for Rs 126 crore, turning it into a wholly owned subsidiary, the company said in an announcement on Friday (June 6).
According to the announcement, the inter-corporate loan, which is unsecured, was executed on June 6 and is aimed at settling the outstanding dues of Smaaash’s creditors. This transaction is a key element of the Resolution Plan approved by the National Company Law Tribunal (NCLT), Mumbai Bench, in May, under the Insolvency and Bankruptcy Code.
the deal was part of a court-approved resolution plan under the Insolvency and Bankruptcy Code. The acquisition includes a Rs 10 crore equity infusion through the subscription of 10 million shares at Rs 10 each and an unsecured inter-corporate loan of Rs 116 crore extended to Smaaash for settling creditor dues. The National Company Law Tribunal (NCLT), Mumbai Bench, had approved the resolution plan in May.
Nazara’s acquisition of 100% equity in Smaaash positions it to expand further into the real-money gaming and immersive entertainment space. The loan comes with a convertible clause, giving Nazara flexibility to enhance capital control if needed. The move also demonstrates Nazara’s increasing appetite for inorganic growth and distressed asset resolutions.
“With the resolution plan successfully executed, Smaaash is now a fully integrated subsidiary of Nazara. This strengthens our entertainment portfolio while enabling creditor settlement through strategic funding,” the company said in its official remarks.
Founded in 2012 by Shripal Morakhia, Smaaash became one of India’s leading immersive entertainment chains, combining virtual reality, bowling, go-karting, cricket simulators, and F&B under one roof. Backed by marquee investors including Sachin Tendulkar, Peak XV Partners, Blume Ventures, Matrix Partners India, and Kalaari Capital, Smaaash had a strong urban presence with over 11 centers across India.
