

The gaming major invested INR 10 Cr to subscribe to 1 Cr equity shares of INR 10 each in Smaaash, giving it 100% ownership
Nazara also extended an unsecured inter-corporate loan of INR 116 Cr to Smaaash to settle the dues
With this, Nazara appears to be betting on physical gaming venues as a strategic counterweight to its online operations, which are seeing slower growth or higher operating costs
Gaming major Nazara Technologies on Friday (June 6) announced that it has completed the acquisition of insolvency-ridden sports entertainment startup Smaaash Entertainment.
The acquisition was completed under a corporate insolvency resolution process approved by the Mumbai bench of the National Company Law Tribunal (NCLT).
In a filing with the exchanges, Nazara said that it acquired the company for a total consideration of INR 126 Cr, making Smaaash its wholly owned subsidiary. Under the contours of the deal, the gaming major invested INR 10 Cr to subscribe to 1 Cr equity shares of INR 10 each in Smaaash, giving it 100% ownership.
In addition to the equity infusion, Nazara has extended an unsecured inter-corporate loan of INR 116 Cr to Smaaash. Notably, the funds are intended to settle the dues of the sports entertainment company’s creditors.
Smaaash is an Indian gaming and entertainment centre that combines sports simulation, virtual reality, and dining into an immersive experience. It was founded by Shripal Morakhia in 2012.
Its offerings include bowling, go-karting, arcade games, food and beverages, and event hosting. The company reported a revenue of INR 112.34 Cr in the fiscal year 2023-24 (FY24), down 7% from INR 120.88 Cr in the year-ago period.
This development comes a month after the NCLT granted its approval to Nazara’s resolution plan to acquire the insolvency-ridden sports entertainment startup. It also comes nearly a year after the online gaming company received the letter of intent (LoI) to acquire Smaaash in August last year.
Nazara’s bid to buy Smaaash comes after the NCLT commenced insolvency proceedings against the sports entertainment company in May 2022 over dues owed to creditors, including the likes of Edelweiss ARC, Yes Bank, SIDBI and Mabella Investment Advisors. Smaaash owes nearly INR 452 Cr to Edelweiss alone.
With Smaaash now fully integrated into its portfolio, Nazara appears to be betting on physical gaming venues as a strategic counterweight to its online operations. Its digital verticals are seeing slower growth or higher operating costs.
The acquisition is also timely, as the company seeks to maintain momentum across segments while absorbing short-term profit hits from marketing and international bets.
On the financial side, Nazara reported a sharp 53% quarter-on-quarter (QoQ) drop in consolidated profit to INR 4.1 Cr for Q4 FY25. Similarly, for the full year FY25, Nazara’s profit fell 32% YoY to INR 51 Cr while operating revenue grew 43% YoY to INR 1,623.9 Cr.
Heavy marketing spends by PokerBaazi, operated by Nazara’s associate Moonshine Technologies, dragged down profitability in the real money gaming vertical.
Nazara closed Friday’s trading session 0.95% lower at INR 1237.75 on the BSE.
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