(i) Nazara tech is one of the leading mobile games companies headquartered in Mumbai, which is engaged in the acquisition of, value addition to and distribution, of mobile games across emerging markets such as India, the Middle East, Africa, South East Asia, and Latin America. The Company operations comprise of a Subscription business, Freemium business, and Esports business. (ii) As per the news published in Moneycontrol today, the company is looking to invest 140 Crores next year in India, the Middle East, and Africa. It has already invested 350 Crores in 13 start-ups in the last two years. (iii) Let us see the list of Start-ups that Nazara has acquired in recent years. a) Nazara Technologies invests in BakBuck, a social contesting platform targeting the next 10 Crores Indian women.[ 07-05-2019 ] Nazara Technologies Ltd. has invested an undisclosed amount in Bakbuck, a vernacular social contesting platform operated by Khichadi Technologies Pvt. Ltd. Currently available in Hindi, Bakbuck plans to expand to 10 more Indian languages soon. Bakbuck offers Indian women all over the country a safe and social platform to compete and participate in knowledge/skill based social contests and ultra-casual Indian games. This entire experience gives them the thrill and joy of learning, winning, and much-desired recognition in the digital world. Additionally, winners get the opportunity to claim gifts of their choice or donate for a noble cause on the app itself in exchange of points earned via different gameplay. b) Nazara Technologies acquires a majority stake in Sportskeeda.[21-08-2019 ] Nazara Technologies Ltd. a leading global interactive gaming and sports media company have invested an approx. 44 crores and acquired a 67% stake in Sportskeeda, a sports media platform. With this investment, Nazara adds 25 million monthly active users and closes in on 100 million monthly active users on its network. Sportskeeda was formerly backed by Seedfund, an early-stage venture capital company with an investment amount of approximately 6 crores in 2012. Today, Sportskeeda curates over 10,000 articles per month, crowdsourced from a network of top journalists and serves personalized content to over 25 million+ monthly active users globally. Sportskeeda covers mainstream sports like football, cricket, esports, basketball, kabaddi, WWE, MMA and more. c) Nazara Technologies Ltd. and Delta Corp Ltd. invest INR 40 crores in HalaPlay.[ 18-03-2019 ] Nazara Technologies Ltd., India’s leading gaming company and Delta Corp Ltd. India based casino gaming company, together with invest INR 40 Crores as part of Series-A funding round in HalaPlay, an online Daily Fantasy Sports platform. Halaplay is a real money based daily fantasy sports platform. HalaPlay launched in 2017, has seen explosive growth in the user base and total transactions since then. HalaPlay has in the past received investment from Nazara Technologies, Kae Capital, Angel List, and other angel investors and is currently set to be the second-largest Daily Fantasy Sports (DFS) platform in India. Halaplay has seen 10x user growth in the last 12 months and will exponentially grow with over 1 crore active players to play in the upcoming cricket season. Nazara Technologies will leverage its network of more than 10 Crores active users in its platform to increase its revenue in the coming years after the acquisition of these start-ups. The financial performance of Nazara Technologies was timid in the year 2018-19 owing to a reduction in the revenue from subscription business due to consolidation in the telecom business after JIO entry. However, now the company is focussing more on the Freemium and E-sports segment to grow its revenue and good growth is expected in the coming years when these start-ups start contributing. We at UnlistedZone believe that the company is in acquisition mode and slowly trying to grab the opportunity available in the nascent gaming market in India so as to become the leading player in the gaming segment.