Game startup Nazara kicks off tech IPO season

Nazara Technologies Ltd, the cricket games developer backed by ace investor Rakesh Jhunjhunwala, became the first Indian gaming technology company to seek a market debut as mobile entertainment takes off across the world's No. 2 smartphone arena.

The Mumbai-headquartered startup filed initial public offering documents with the market regulator on Friday. Its impending debut on the local exchanges could encourage other Indian startups to tap public markets, after years of explosive growth in mobile and internet usage created giant private firms from Paytm to Flipkart.

Founded by gamer Nitish Mittersain in 2000, when he was a college undergrad, Nazara is among the firms that have benefitted from a global boom in smartphone gaming that began even before the pandemic drove millions online. Mittersain started the company with Rs 3 crore borrowed from friends and family, only to get derailed during the dotcom bust. The firm spent its first decade clearing debt, but steadily built market share by acquiring fellow gaming startups. It's now seeking to be among the first major startups to go public.

The company's platform hosts several content categories and is active in esports, while commanding a share of the mobile cricket gaming segment with titles like World Cricket Championship. Nazara operates in 52 countries from North America and the Middle East to Africa and SE Asia.