Asia
Nazara partners with Griffin Gaming Partners one of the largest global venture funds exclusively focused on gaming Nazara Commits 30 Cr to Griffin Gaming Partners Fund II over next 3 years
![Nazara FY24 EBITDA increases by 16.6% to INR 127.9 Cr, Operating Cash Flow of INR 131.4 Cr](https://europeangaming.eu/portal/wp-content/uploads/2021/02/nazara.jpg)
Nazara Technologies Limited an India based, diversified gaming and sports media company and its wholly owned subsidiary Nazara Technologies FZ LLC announced investment in Griffin Gaming Partners (Griffin) Fund II, L.P as a Limited Partner in the Fund. Nazara Dubai is a Limited partner in Griffin Gaming Partners Fund II, L.P for a capital commitment not exceeding USD 4 Million (INR 30 Crores), payable in cash, in one or more tranches. Nazara Dubai will invest up to USD 1.34 Million (INR 10 Crores) upfront while the rest of USD 2.66 Million (INR 20 Crores) will be deployed over a period of 3 years.
Griffin Gaming Partners Fund II was founded by Peter Levin, Phil Sanderson, and Nick Tuosto, with LionTree as a strategic partner to the Fund. The firm prefers to invest in gaming platforms and infrastructure, gaming content, and game studios. Griffin Gaming Partners Fund II is a leading venture capital firm singularly focused on investing in the global gaming market. The company has decades of investment, advisory and operational experience in the space.
Nazara, with this proposed investment, aims to become part of global network of Limited Partners (âLPâ) of Griffin as well as its investee companies. Access to this network should foster strategic partnership with Nazaraâs subsidiaries including but not limited to emerging market partnerships, investments etc. Management believes that the company aims to leverage the Griffin network for the following strategic initiatives:
- Potential partnerships and/ or potential investment into Nazara and its subsidiaries.
- Securing deal flow for future M&A from the current portfolio of the funds as well as inflow of deals coming to funds.
- Co-investment opportunities into highly sought-after founders/ companies.
Nazara Technologies CEO Manish Agarwal, âGriffin Gaming Partners led by Peter, Phil and Nick has established itself the go to gaming fund for entrepreneurs across the world looking to raise smart money. The value addition which the Griffin team brings to the founding team is priceless and hence this partnership with Griffin will act as catalyst to accelerate growth of Nazaraâs footprint in local Indian and global gaming ecosystem.â
âGaming is truly global and is projected to reach a staggering $256 billion of annual consumer spend in 2025. Having key strategic partnerships such as Nazara in the rapidly scaling geography of the Indian subcontinent is a significant benefit for Griffin. What Manish and the team at Nazara have built is highly differentiated and their culture is a spot-on fit with our strategy,â said Peter Levin, Managing Director, Griffin Gaming Partners.
In addition to the investment in Griffin Gaming Partners Fund II Nazara has acquired multiple companies over the past few years. Nazara has placed itself in a leading position in esports, interactive gaming and gamified early learning space with the âFriends of Nazaraâ network. Nazara has acquired a majority stake in Nodwin Gaming Pvt. Ltd; Next Wave Multimedia Pvt. Ltd., 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 and Paper Boat Apps Private Limited – gamified early learning subscription app and OpenPlay – Skill Gaming.
Asia
PAGCOR BRAVES FLOODS TO HELP DISASTER-HIT COMMUNITIES
![](https://europeangaming.eu/portal/wp-content/uploads/2024/07/PAGCOR-BRAVES-FLOODS-TO-HELP-DISASTER-HIT-COMMUNITIES_20240726_120712_0000.png)
At the height of the downpour and massive flooding in Metro Manila and nearby provinces Wednesday, volunteer teams from the Philippine Amusement and Gaming Corporation (PAGCOR) started bringing relief packs to affected communities.
Classes and government work were suspended on Wednesday and Thursday due to the widespread flooding, but PAGCOR volunteers went into action nevertheless.
âEven at the height of the flooding, and even before the President ordered government agencies to provide assistance to affected communities, PAGCOR employees already went to action to help those in need,â PAGCOR Chairman and CEO Alejandro H. Tengco said.
The PAGCOR chief said that since July 24, the agency has delivered more than 21,000 food and non-food relief packs for thousands of affected families.
âAfter the heavy rains subsided and it was safe to do so, we started bringing immediate aid to flooded communities in Caloocan City on Wednesday, followed by relief operations in Valenzuela, Malabon and Malolos, Bulacan the next day,â he said.
Mr. Tengco added that PAGCOR was scheduled to distribute relief goods to the cities of Marikina and Navotas on Friday as well as to affected towns in Bulacan like Calumpit and Bulakan which were all submerged in floodwater.
âIt has been second nature to PAGCOR to immediately respond to the needs of affected communities in times of disasters,â he said.
âWe understand that while it is part of our mandate to contribute to nation-building, it is also our moral obligation to help ease the plight of Filipinos in times when they need help the most,â the PAGCOR chief added.
He said PAGCORâs relief operations are ongoing, with more employees volunteering to help repack relief goods Saturday and Sunday in the agencyâs warehouse in Imus, Cavite to support distribution efforts in the coming days in Bataan, Batangas and Cavite.
Asia
AGTech Wins Lottery Terminal Supply Tenders for Shaanxi, Zhejiang and Jiangsu Provinces
![](https://europeangaming.eu/portal/wp-content/uploads/2024/07/4-9.jpg)
Lottery and integrated technology and services company AGTech Holdings Limited (AGTech) has announced that one of its wholly-owned subsidiaries has successfully won procurement tenders to supply lottery terminals to Sports Lottery Administration Centres in Shaanxi province, Zhejiang province and Jiangsu province of the Peopleâs Republic of China.
AGTech already has previous success in the China market, having won a bid in 2018 for supplying its new dual, touchscreen lottery terminals to the Chinese provinces of Guizhou, Shanghai and Hebei.
Even before this, AGTech introduced new instant win games, launched in partnership with Chinese logistics firm SF Holdings across Shenzen, Nanchang, Changsha and Nanjing.
Asia
Philippine President Marcos Announces Ban on POGOs
![](https://europeangaming.eu/portal/wp-content/uploads/2024/07/2-8.jpg)
Philippine President Ferdinand Marcos Jr has banned the establishment of any new Philippine Offshore Gaming Operators (POGOs), also known as Internet Gaming Licensees (IGLs), with immediate effect. Existing POGO operators will have until the end of the year to wind down their operations.
The verdict, not entirely unexpected, was delivered during his State of the Nation Address in Manila on Monday following widespread pressure from a Senate investigation into illegal POGO-linked activities.
âEffective today, all POGOs are banned. I hereby instruct [gaming regulator] PAGCOR to wind down and cease the operations of POGOs by the end of the year,â Marcos said in his SONA.
The decision to shut down POGOs follows a series of recent raids on illegal POGO compounds in Pampanga and Tarlac amid allegations they had been engaging in human trafficking and scam activities.
A full ban, proposed by multiple senators, had also gained the support of the Department of Finance (DOF) and the National Economic and Development Authority.
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