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Nazara Technologies raises INR 100 Cr funding through Hornbill Capital

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Nazara raises INR 315 Cr from marquee investor
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Nazara Technologies Limited (Nazara), a leading India based diversified gaming and sports media platform, today announced that Nazara has raised an amount of INR 100 Cr from Instant Growth Limited (IGL) which is advised by Hornbill Capital Advisers LLP. IGL is an investment vehicle of the North America based limited partners (LPs) of Hornbill Orchid India Fund.

Hornbill Capital Advisers LLP (Hornbill Capital) is an India based investment advisory firm founded by Manoj Thakur in 2014. Hornbill Capital acts as an advisor to Hornbill Orchid Investment Manager Private Limited which manages Hornbill Orchid India Fund, a Mauritius based hedge fund that invests in India as a Foreign Portfolio Investor.

Commenting on the recent investment made through Hornbill Capital Advisers LLP, Manish Agarwal, CEO, Nazara says, “We welcome Hornbill Capital’s entry into the Indian gaming ecosystem with their investment in Nazara. We are glad that they share our conviction and excitement on the future of the gaming sector in India and the value creation potential which gaming offers to the investors. The leadership team of Hornbill Capital has been part of the growth story of many consumer internet companies and we at Nazara look forward to leveraging their experience of working with some of the smartest tech entrepreneurs across the globe and having an inside view of blitz scaling of their portfolio companies in the last decade.”

Commenting on the Nazara investment, Manoj Thakur, Founder & Managing Partner, Hornbill Capital Advisers LLP said, “We have been closely following Nazara’s journey over several years, as it evolved into a platform for gaming and gamified early learning. The leadership team of Nitish and Manish have built Nazara into an attractive ecosystem for some of the most promising entrepreneurial talent in the Indian gaming and early learning space. Through prudent capital allocation, we believe that the team at Nazara has demonstrated their ability to build a formidable presence in esports, gamified early learning and mobile gaming – some of the most exciting spaces in India over the next decade.”

Earlier this year, Plutus Wealth Management and its associates acquired shares worth over INR 500 Cr in Nazara from WestBridge Ventures II Investment Holdings, marking a complete exit for WestBridge Ventures II Investment Holdings.

Nazara has invested over INR 300 Cr in the last 5 years in the Indian gaming ecosystem. Having consummated multiple transactions over the past few years, Nazara has placed itself in a leading position in esports, interactive gaming and gamified early learning space. Nazara has acquired a majority stake in Nodwin Gaming Pvt. Ltd (57.05%); Next Wave Multimedia Pvt. Ltd. (52.38%), which operates World Cricket Championship (WCC), the largest mobile-based cricket simulation game, in addition to investment in Absolute Sports Private Limited, which operates Sportskeeda (63.90%) and Paper Boat Apps Private Limited (50.91%) – gamified early learning subscription app.

Asia

Galaxy Racer Increases Prize Pool To Half A Million Pesos, Content Creators To Play ‘Squid Game’ On Roblox And Pay It Forward To The Gaming Community

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Galaxy Racer Increases Prize Pool To Half A Million Pesos, Content Creators To Play 'Squid Game' On Roblox And Pay It Forward To The Gaming Community
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Galaxy Racer (GXR), one of the fastest-growing esports, gaming and lifestyle organizations in the world, headquartered in Dubai, with market presence in Southeast Asia, Middle East North Africa, South Asia and Europe, has increased its prize pool from P100,000 to a whopping P500,000 (US$10,000) for its ‘pay it forward to the gaming community’ initiative.

Galaxy Racer will be hosting their very own in-house ‘Squid Game’ tournament on Roblox, an online gaming platform and game creation system, involving forty-nine Galaxy Racer content creators from the Philippines with over 180 million social media followers. It will be hyper-localized in the Philippines to ‘GXR Pusit Game: Your Second Chance At Life’. Pusit means ‘squid’ in Tagalog and follows Squid Game’s iconic survival game show set-up, but with a twist.

Fans will stand a chance to win the prize money by supporting their favourite content creator. Fans will be able to comment on the post of the content creator they are rooting for with the hashtag #GXRPusitGame and an explanation via a story submission on the Galaxy Racer content creator’s post of why they think they are worthy to win the prize money for a second chance at life. The entry period for the contest will close on October 21st at 10:00 AM PHT.

The last content creator standing after competing in an intense 7-round gauntlet of trending games will win the tournament, thereafter selecting the most compelling story amongst their fans’ entries whereby the lucky fan will receive the prize money of PHP500,000 (US$10,000) which will be announced during the livestream. The online community engagement event will commence on October 22nd, 2021 at 4:00 PM PHT on Galaxy Racer PH’s Facebook page.

The GXR Pusit Game will feature notable Galaxy Racer content creators such as model and actress Sachzna Laparan, Filipino TikTok star Spencer Serafica, YouTube creators Tukomi, model and Facebook streamer Kristine Santamena, actor and dancer McCoy de Leon, and actress Ayeesha Cervantes.

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Asia

M88 expands esports coverage by partnering with BETER

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M88 expands esports coverage by partnering with BETER
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International sports and esports betting provider BETER announced today that they have teamed up with M88. The leading Asian sportsbook has decided to take advantage of BETER’s portfolio to further engage their players across the region with the addition of more than 30,000 extra global esports tournament events and 200,000 ESportsBattle matches every year.

“Here at BETER, we are convinced that collaborating with M88 is another significant step towards increasing our presence in the Asian market, which is one of our primary focuses for the next few years. We firmly believe that this partnership will prove to be prosperous and beneficial for both parties,” said Gal Ehrlich, CEO at BETER.

BETER will provide M88 with customised quarter markets that perfectly suit their players’ needs. All live streams, data, odds, and margins can easily be managed in the BETER’s Client Console.

“We’ve been interested in the type of fast content which BETER provides for some time, and we also see exactly what BETER can offer to M88 customers with live streaming of engaging ESportsBattle matches and odds for the most popular global esports tournaments. The integration and testing process proved that we found a reliable partner with top-notch solutions that will help us further enhance what we offer bettors,” said Alan Wafer, Head of Business Development at M88.

In his strategy presentation in July 2021, Gal Ehrlich emphasised that expanding into the Asian market is one of BETER’s core goals, as this region represents a promising avenue for future business growth. He also added that the company would focus on expanding its product portfolio and developing exclusive content.
BETER is a leading provider of fast sports & esports content, live streaming, live data, and odds for the betting industry. BETER powers Setka Cup, ESportsBattle and Asia Pro League tournaments and offers trading of world esports events. BETER sports and esports content is featured on more than 100 sportsbooks across the globe.

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Asia

Okada Manila to Go Public by Merging with SPAC

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Okada Manila has signed a merger agreement with blank-check firm 26 Capital Acquisition Corp that will see its stock listed on the Nasdaq through an American Depository Receipt programme.

The US$2.6bn merger will provide the casino operator US$275m in cash proceeds that will be used for growth and other corporate purposes. It is expected the merger will close in the first half of next year.

“With its beautiful new facility, a desirable location in one of the fastest-growing gaming markets in the world, and potential for industry-leading margins and cash flow conversion, I believe Okada Manila is an extremely compelling investment,” Jason Ader, Chairman and CEO of 26 Capital, said.

According to local media reports, Universal Entertainment Corp will continue controlling approximately 88% of the combined company once the deal is closed. Byron Yip, current Okada President, will continue leading the company.

“We are fortunate to operate the most luxurious integrated resort in the Philippines, and excited to realise the full potential of this state-of-the-art facility for gaming, entertainment, and hospitality as a public company and in partnership with Jason Ader of 26 Capital,” Byron Yip said.

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