In a significant development for India’s gaming and digital entertainment industry, the Competition Commission of India (CCI) on Tuesday granted approval for the acquisition of a majority stake and control in Nazara Technologies Limited by Axana Estates LLP, Plutus Wealth Management LLP, and Junomoneta Finsol Private Limited. This move reflects a growing strategic interest in the gaming sector, which continues to show rapid expansion and investor appetite in India and beyond.
The Acquisition Timeline and Stake Consolidation
The journey toward this acquisition began in January 2025, when Axana Estates, Plutus Wealth Management, and Junomoneta Finsol issued an open offer to acquire up to 26% of Nazara Technologies’ equity from existing shareholders. Around the same time, Nazara Technologies also raised $60 million, led by Axana Estates, against a 5.4% stake in the company, which signaled the beginning of a deeper capital and strategic relationship.
Prior to this, Plutus Wealth entities already held a 13.3% stake in Nazara. After executing the open offer and associated transactions, Axana Estates and Plutus Wealth now command a combined 27.2% stake in the Mumbai-based gaming company. This shift in equity structure marks a turning point in Nazara’s shareholding, placing control in the hands of a consortium with significant experience in wealth management, retail innovation, and private finance.
Key Players Behind the Deal
Axana Estates LLP names Arpit Khandelwal and Mithun Sacheti as its designated partners. Arpit Khandelwal founded Plutus Wealth Management and serves as its managing partner. Mithun Sacheti, known for building CaratLane—a successful online jewelry retail brand now acquired by Titan Company—also plays a critical role in Axana’s strategy.
Both Khandelwal and Plutus Investments hold stakes in Junomoneta Finsol Private Limited, cementing an integrated approach to their investment in Nazara. Their consolidated efforts showcase a deliberate move to establish control and bring strategic oversight to one of India’s leading gaming companies.
Nazara’s Ownership Structure Post-Deal
As of March 2025, Nazara Technologies’ founder Nitish Mittersain retains an 8.75% stake through his personal holding and Mitter Infotech. Following the open offer and other transactions:
- Plutus Wealth Management holds 11.54%
- Arpit Khandelwal directly owns 7.87%
- SBI Mutual Fund has a 8.52% stake
- Rekha Jhunjhunwala, representing the estate of the late Rakesh Jhunjhunwala, owns 7.06%
With this reshaped cap table, the new majority stakeholders aim to guide Nazara through its next phase of strategic expansion, focusing on scale, profitability, and intellectual property-led growth in global markets.
Nazara’s Financial and Strategic Moves
In November 2024, Nazara raised $100 million via a preferential issue to fund its expansion into gaming and sports media. This capital injection allowed the company to strengthen its portfolio through acquisitions and partnerships.
In the months that followed, Nazara and its subsidiaries took control of several firms, including:
- Curve Games
- TJRWrestling
- ITRWrestling
- King of Thieves and CATS
- Trinity Gaming
- Funky Monkey
These acquisitions reflect Nazara’s strategy to build a diversified presence in multiple gaming genres—from casual and mid-core titles to esports content and wrestling-based entertainment.
Despite aggressive growth, Nazara reported mixed financial results for Q3 FY25. The company’s operating revenue surged 67% year-on-year, rising to ₹535 crore from ₹320 crore in Q3 FY24. However, net profit declined sharply by 53.6%, dropping to ₹13.7 crore. The revenue boost signals success in monetization and user acquisition, but the profit dip highlights rising operational and integration costs amid ongoing acquisitions.
Founder Nitish Mittersain addressed these concerns on Wednesday, revealing that Nazara will maintain ₹700 crore in cash reserves on its balance sheet. This war chest will enable Nazara to fund content development, licensing deals, and potential future acquisitions without immediate external borrowing.
Strengthening the Brand with IP and Licensing
Nazara has also started investing in mainstream entertainment properties. The company secured the game rights for Bigg Boss, one of India’s most popular reality television shows. The move illustrates a shift toward branded interactive content. By aligning with recognizable pop culture IPs, Nazara can attract a wider user base while creating differentiated content in an increasingly crowded gaming marketplace.
The Bigg Boss game is slated for launch in the coming months and is expected to leverage in-app purchases and gamified challenges to drive user retention and monetization. This venture may become a cornerstone of Nazara’s mass-market entertainment strategy.
Market Performance and Valuation
As of 12:30 PM on Wednesday, Nazara Technologies traded at ₹1,279 per share, bringing its market capitalization to ₹11,229 crore, or approximately $1.3 billion. The stock has witnessed steady appreciation over the past year, bolstered by a combination of acquisitions, capital infusion, and growing investor confidence.
The valuation reflects the market’s recognition of Nazara’s diversified revenue streams, from real money gaming and gamified learning to esports and licensed content. The recent investor interest led by Axana and Plutus signals belief in Nazara’s ability to become a dominant force in not just the Indian subcontinent but in other emerging markets as well.
The Road Ahead: What to Expect
With new leadership influence and robust financial backing, Nazara Technologies stands at a strategic inflection point. The company plans to:
- Deepen its portfolio in esports and casual gaming
- Expand further into licensed content and branded games
- Pursue international markets, particularly in Southeast Asia and the Middle East
- Continue strategic acquisitions to build a tech and content moat
Arpit Khandelwal, with his experience in managing ultra-high-net-worth portfolios, and Mithun Sacheti, with his deep consumer understanding from CaratLane, bring diverse perspectives to Nazara’s boardroom. Their involvement may lead to better governance, sharper strategic focus, and improved capital allocation.
Meanwhile, Nitish Mittersain continues to anchor the company’s creative direction and operational consistency. His ability to align Nazara’s vision with investor expectations will be critical as the company grows beyond its current footprint.
Conclusion
The CCI’s greenlight for Axana Estates, Plutus Wealth, and Junomoneta Finsol’s acquisition of a majority stake in Nazara Technologies marks a milestone in Indian corporate activity within the gaming and entertainment sector. The deal not only redefines Nazara’s ownership but also sets the stage for its transformation into a global content powerhouse. Armed with fresh capital, new leadership influence, and a strategic roadmap focused on scalable IP and branded content, Nazara aims to capture a much larger slice of the gaming universe.
The coming quarters will reveal how well the new investor group integrates with Nazara’s operational ethos and whether the company can deliver sustainable growth and profitability in a highly competitive digital entertainment landscape.