Is Nazara Technologies listed on the stock exchange?

Yes, Nazara Technologies Limited is listed on both NSE and BSE under the ticker symbol NAZARA. It was listed in March 2021 and has the ISIN INE418O01010.

Who founded Nazara Technologies?

Nazara Technologies was founded by Nitish Mittersain in 1999. He continues to serve as the Managing Director of the company and remains its key promoter.

What are the main business segments of Nazara Technologies?

Nazara operates across gaming and sports media including esports and gaming media (via Nodwin Gaming), gamified early learning for children (Kiddopia), real-money casual gaming, and sports media content. The company has made multiple acquisitions to build this diversified portfolio.

What is the impact of India's 28% GST on gaming on Nazara?

The GST Council's decision to levy 28% GST on online gaming deposits (effective October 2023) significantly impacted the industry. Nazara's real-money gaming segment faced challenges, though the company's diversified business model partially offset the impact compared to pure-play real-money gaming companies.

What was Rakesh Jhunjhunwala's connection to Nazara?

The late Rakesh Jhunjhunwala, India's most celebrated equity investor, was a significant early investor in Nazara Technologies and was instrumental in building investor confidence ahead of the company's IPO in 2021.

How do I buy Nazara Technologies unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Nazara Technologies?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Nazara Technologies shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Nazara Technologies Unlisted Share Price | Buy Nazara Technologies Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Talk to us

Nazara Technologies Unlisted Share Price | Buy Nazara Technologies Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Nazara Technologies Limited is India's premier listed gaming and sports media company, founded in 1999 and listed on NSE/BSE since March 2021 (ticker: NAZARA, ISIN: INE418O01010). With a diversified portfolio anchored by Nodwin Gaming (esports), Kiddopia (children's edtech gaming), and real-money gaming platforms, Nazara is structurally positioned at the heart of India's high-growth digital entertainment sector. The 28% GST headwind on gaming is a near-term challenge, but the company's diversification, institutional backing, and founder-led management provide resilience. Investors with a 3-5 year horizon and comfort with sectoral regulatory risk will find Nazara an interesting bet on India's gaming demographic dividend.

Pros

Pioneer in Indian mobile and digital gaming with over 25 years of operational history since 1999 — strong brand, early-mover advantage, and deep institutional knowledge in India's gaming ecosystem
Listed on NSE and BSE (ticker: NAZARA) since March 2021, providing full capital market access, regulatory transparency, SEBI oversight, and superior liquidity vs. unlisted peers
Diversified gaming and sports media portfolio spanning esports (Nodwin Gaming), fantasy sports, children's edtech gaming (Kiddopia), interactive media, and skill-based real-money gaming
Strong institutional backing including WestBridge Capital and historical support from legendary investor Rakesh Jhunjhunwala, validating the company's long-term investment thesis
India's gaming market is one of the world's fastest-growing, driven by affordable data, smartphone proliferation, and a young demographic — Nazara is structurally positioned at the centre of this secular growth trend

Cons

Online gaming and real-money gaming in India faces significant regulatory uncertainty following GST Council's 28% tax on gaming deposits, which materially impacted industry economics from October 2023
Profitability has been inconsistent given heavy investment in user acquisition, content creation, and M&A activity; gaming companies often sacrifice near-term margins for growth
The Indian gaming landscape is intensely competitive with global giants (Activision, EA, Tencent games) and well-funded Indian startups (Dream11, MPL, Games24x7) competing across all segments
Esports monetisation in India remains nascent compared to global markets, with advertising-dependent revenue models subject to economic cycles
International expansion and diversification beyond India increases execution complexity and capital requirements without guaranteed success

Business Segments

Esports & Gaming Media (Nodwin Gaming)

India's leading esports company, organising gaming tournaments, IPs, and media events including DreamHack India, ESL India, and publisher-licensed esports leagues; revenue from sponsorships, media rights, and ticketing

Gamified Early Learning (Kiddopia)

Subscription-based edtech gaming app for children aged 2-7, operating primarily in the US market with a recurring subscription revenue model

Real-Money Casual Gaming

Skill-based real-money gaming platforms offering card games and casual games; impacted by 28% GST regulation post October 2023

Sports Gaming & Interactive Media

Fantasy sports, sports media content, and interactive gaming experiences across cricket, football, and other sports

Telco Subscription & Other Gaming

Revenue Model

Nazara Technologies generates revenue through a diversified gaming and media model: (1) esports event revenues (sponsorships, media rights, brand activations via Nodwin Gaming), (2) subscription revenues from Kiddopia's US-focused children's edtech gaming platform, (3) real-money gaming platform revenues (entry fees and net gaming revenue post-GST), (4) advertising and content monetisation in sports media, and (5) telecom gaming subscription fees. The company's acquisition-driven strategy has created a portfolio of complementary gaming businesses across different revenue models.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds13

Growth Plans

India's gaming market projected to reach $7-8 billion by 2028, creating massive organic growth opportunities for established platforms

Nodwin Gaming's global esports expansion targeting the $2 Bn+ global esports market for brand activations and media rights

Kiddopia's US market subscription growth providing stable, recurring international revenue

Potential regulatory clarity on online gaming providing a cleaner operating environment for real-money gaming

Recent Developments

Nodwin Gaming Global Expansion

Nodwin Gaming, Nazara's esports subsidiary, continues expanding internationally with partnerships in Middle East, South Asia, and Africa, targeting a global esports audience beyond India.

2024-04

GST Impact Assessment

Nazara management communicated adaptation strategies to the 28% GST regime, including product restructuring in the real-money gaming segment and portfolio rebalancing towards less-regulated growth segments like esports and edtech.

2024-01

28% GST on Online Gaming Effective

India's 28% GST on online gaming deposits came into effect, materially impacting Nazara's real-money gaming revenue and triggering industry-wide restructuring.

2023-10

Comparable Companies

CompanyTypeTickerMkt Cap

Delta Corp LimitedListedDELTACORP₹3,000 Cr (listed)

Delta Corp LimitedListed

DELTACORP · ₹3,000 Cr (listed)

Frequently Asked Questions

About Nazara Technologies

Nazara Technologies Limited (NSE: NAZARA) is India's leading diversified gaming and sports media company, listed on NSE and BSE since March 2021. Incorporated in 1999 in Mumbai, Nazara has evolved from a mobile gaming company into a diversified gaming, esports, and interactive media conglomerate through strategic acquisitions. Nazara operates across multiple sub-verticals of the gaming and digital entertainment ecosystem: mobile gaming and freemium games (through subsidiaries like WinZO, Nodwin Gaming), sports media (Sportskeeda — India's largest sports media portal), gamified early learning (Kiddopia), and esports tournaments (Nodwin Gaming). The company has a presence across India, North America, and Africa. For FY2024, Nazara reported revenue of approximately ₹1,138 crore with a market capitalisation of approximately ₹4,000–7,000 crore at various points on NSE. The company is profitable at EBITDA level for some segments but net profitability has been impacted by acquisition costs and investments in new segments. Nazara's strategy has been to acquire and scale gaming and sports media businesses across verticals. Key subsidiaries include: Nodwin Gaming (esports — India's largest esports company with 50%+ market share), Sportskeeda (sports content — 100 million+ monthly users), Kiddopia (gamified early learning app), and WinZO (real-money gaming platform — acquired stake). With India's gaming market growing at 30%+ CAGR and esports gaining mainstream recognition (including at Asian Games 2022), Nazara is positioned as the pure-play Indian gaming conglomerate benefiting from the intersection of mobile internet penetration, youth demographics, and digitisation.

Key Milestones

1999: Nazara Technologies incorporated in Mumbai by Nitish Mittersain as a mobile gaming and entertainment company

Common questions about unlisted shares

How do I buy Nazara Technologies unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Risk factors & red flagsInvestment risks and items flagged from public filings10

Business ScaleLow

The 28% GST on gaming deposits and uncertain online gaming regulation (Online Gaming Intermediary rules under MeitY) creates ongoing revenue uncertainty for real-money gaming segments.

Source: Company Financial Filings

Operational RiskLow

India's gaming market is intensely competitive with Dream11, MPL, and global game publishers competing across all of Nazara's core segments with large user acquisition budgets.

Source: AlphaHub Research

Business ScaleLow

Nazara's growth-by-acquisition strategy means multiple subsidiaries at different maturity stages; failure to integrate or scale acquisitions can dilute returns and create goodwill impairment risk.

Source: AlphaHub Research

Financial PerformanceLow

Consistent net profitability remains a challenge given high user acquisition costs, content investment, and M&A amortisation; EBITDA positive but PAT margin achievement requires discipline.

Source: Company Financial Filings

Business ScaleLow

Kiddopia's US operations create USD/INR currency exposure; rupee appreciation could reduce the INR value of US subscription revenues.

Source: AlphaHub Research

Regulatory Risk

The 28% GST on gaming deposits and uncertain online gaming regulation (Online Gaming Intermediary rules under MeitY) creates ongoing revenue uncertainty for real-money gaming segments.

Competitive Risk

India's gaming market is intensely competitive with Dream11, MPL, and global game publishers competing across all of Nazara's core segments with large user acquisition budgets.

M&A Integration Risk

Nazara's growth-by-acquisition strategy means multiple subsidiaries at different maturity stages; failure to integrate or scale acquisitions can dilute returns and create goodwill impairment risk.

Profitability Risk

Consistent net profitability remains a challenge given high user acquisition costs, content investment, and M&A amortisation; EBITDA positive but PAT margin achievement requires discipline.

Currency Risk

Kiddopia's US operations create USD/INR currency exposure; rupee appreciation could reduce the INR value of US subscription revenues.

Nazara Technologies Limited

How settlement works

Get price alerts for Nazara Technologies Limited

Discuss Nazara Technologies

Similar companies

Other ways to invest