Nazara Technologies to invest Rs 30 crore in Next Wave Multimedia

Nazara Technologies, diverse gaming and sports media platform has announced that it will invest up to Rs 30  in its subsidiary Next Wave Multimedia with the approval of its board of directors. 

Next Wave Multimedia is a mobile game developer focused on casual and multiplayer mobile games in the sports genre. Nazara Technologies acquired the Chennai-based company in 2018 and currently owns approximately 52.38% of the company's stake.

The company's flagship title is the World Cricket Championship (WCC), which claims to be the largest mobile cricket simulation game. Since then, it has released two sequels, WCC2 and WCC3 so far. Nazara Technologies said in its February 2022 earnings call that the game is played by about 10.7 million active users a month for about 45 minutes a day.

It also includes other games such as Real Carrom, World Table Tennis Champs and Bowling Wizards and is looking forward to launching its own NFT soon. Nazara Technologies has reported a profit of Rs 1.4 crore on revenue of Rs 5.7 crore in the third quarter.

Apart from this investment, the Company's board of directors 1.1 lakh shares worth Rs 25 crores in existing Datawrkz shareholders Senthil Govindan, Arunprabu K and Mayank Khirwadkar, and Garale Vishal Tukaram as part of an agreement to gain control of programmatic advertising and monetization company Datawrkz. Nazara Technologies has recently announced its plans to acquire a 55% stake in Datawrkz.