CCI Approves Majority Stake Purchase In Nazara By Plutus, Two Others

The Competition Commission of India has approved the proposed acquisition of a majority stake or control over gaming major Nazara Technologies by Axana Estates LLP, Plutus Wealth Management LLP and Junomoneta Finsol Pvt Ltd.

In its order released yesterday, the antitrust watchdog said the proposed combination relates to the acquisition of a controlling interest in Nazara by the three entities.

However, it did not disclose the financial terms of the deal. A detailed order regarding the approval will come in due course, the CCI said.

As of the quarter ended March 2025, Plutus held a 11.54% stake in Nazara, while Junomoneta owned a 1.79% stake. Plutus is a stock broking firm, whereas Junomoneta operates as a proprietary tech-enabled trading company.

On the other hand, Axana currently does not carry out any business or hold any investments. Its proposed business involves real estate and related activities. 

“Commission approves acquisition of majority stake/control over Nazara Technologies Limited by Axana Estates LLP, Plutus Wealth Management LLP and Junomoneta Finsol Private Limited,” the CCI order read. 

Nazara On Shopping Spree

Founded in 1999 by Nitish Mittersain, Nazara is India’s first publicly listed gaming company. It has a diverse business portfolio spanning gaming, esports and adtech. The startup also operates in the skill-based real money gaming segment and offers a multi-sports content platform for its users in India and the US.

The CCI approval for a majority stake ownership in Nazara by the aforementioned three entities comes at a time when the gaming major’s buying spree continues unabated. Earlier this week, it was reported that Nazara received approval from its board to buy US-based Curve Games for INR 248 Cr in an all-cash deal. The acquisition would help the company strengthen its foothold in the PC and console gaming market.

Over the past few months, Nazara has invested in several companies both within and outside India. These include Sportskeeda parent Absolute Sports, Funky Monkeys Play Centers, PokerBaazi, Circle of Games, Freaks 4U Gaming, among others.

However, Nazara’s acquisition frenzy has taken a toll on its bottom line. Nazara’s consolidated net profit declined 53.5% to INR 13.7 Cr in the December quarter of FY25 from INR 29.5 Cr in the year-ago quarter.

The degrowth came despite operating revenue surging 67% to INR 544.7 Cr during the quarter under review from INR 320.4 Cr in the year-ago quarter.

Earlier this year, CEO Mittersain told Inc42 that Nazara was eyeing an EBITDA of INR 300 Cr in FY27.

At 11:53 AM, shares of Nazara were trading 0.94% lower at INR 1282.90 apiece on the BSE.