Billionaire Jhunjhunwala-backed game startup Nazara starts India's tech IPO rush

 Founded in 2000 by student Nitish Mittersine, Nazara is one of those companies that are capitalizing on the global smartphone gaming boom that began before the epidemic brought millions of people online.

Cricket game developer Nazara Technologies Ltd., sponsored by billionaire Rakesh Junjhunwala, was the first Indian gaming company to debut in the market when mobile entertainment entered the world's second smartphone segment.

Founded in 2000 by gamer Nitish Mittersine as a student, Nazara is one of those companies that are capitalizing on the global smartphone gaming boom.

that began before the epidemic brought millions of people online. Mittersine started the company by borrowing Rs 30 million from friends and family to go broke during the dot-com bankruptcy. The company paid off its debts in its first decade, but continued to gain market share by acquiring other gaming startups.

On Friday, the Mumbai-based startup submitted a document to the Indian regulator about its IPO. A debut on the upcoming local stock exchange will allow other Indian startups to enter the open market following the explosive growth in mobile and Internet usage that has spawned large private companies from Paytm to Flipkart Walmart Inc.

It is now believed to be one of the first major Indian startups to be listed with a growing investor interest in the Indian tech industry. Facebook Inc. And Google Alphabet Inc. Partnership with Jio Platforms Inc., founder and regional operator of Amazon.com Inc. “The 21st century will be the century of India,” said Jeff Bezos.

Nykaa E-Retail Pvt. Supported by TPG, plans an initial public offering this year that could cost Indian online beauty retailers over $ 3 billion. Start delivering groceries to Zomato Pvt. Nazara plans to apply for an IPO in the first half of 2021. Nazara plans to sell up to 4.96 million shares with a par value of 4 rupees each.


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