New Delhi: India’s only listed gaming company, Nazara Technologies Limited, is actively looking to raise money as it looks to diversify its offerings following the unexpected Real Money Gaming (RMG) ban by the Government in August 2025.
The company is proposing to extend fund infusions to its UK subsidiary, Nazara Technologies UK Limited, to the tune of $100 million by August 14, 2026, as per a regulatory filing. This comes after the company has been actively raising money and splurging on acquisitions as it looks to address the setback caused by the gaming ban.
For Nazara Technologies, this urgent need comes at a time when the company has seen its operating revenues decline 23.5% year on year from ₹520.20 crore in Q4FY25 (before the gaming ban) to ₹397.78 crore for the quarter ended March 31, 2026. Though it has seen its net profits rise 27.2% for the full year, the company has struggled to remain profitable in the subsequent quarters following the gaming ban.
In March 2026, the company, through its UK subsidiary, acquired 50 percent of Spanish casual gaming studio Bluetile Games and player engagement and distribution startup BestPlay Systems for a total of ₹918 crore ($100.3 million). With this, the company has now completed 19 acquisitions, expanding its footprint across the UK, US, and India.Â
The gaming startup, initially backed by late stock market investor Rakesh Jhunjhunwala, has expanded its casual gaming portfolio, even investing in offline gaming formats like Funky Monkeys and Smaaash, as it looks to recover from the setback of the real-money gaming ban.
Though Nazara did not benefit directly from the Real Money Gaming ban, it had invested 46% in Moonshine Technologies that operated PokerBaazi. Because this was an equity investment and not a subsidiary of the company, Nazara has maintained that it got just 5% of its revenues from Real Money Games before the ban.
Instead, the company has earned from its core gaming assets, which account for about 70% of its revenues, while its eSports assets like Nodwin Gaming and Sporkskeeda also offer significant revenues besides its Adtech monetization services.
Despite the negative perceptions of the company, it has managed to improve its EBITDA margins to 19.5% in Q4 FY26 from 14% in the same period last year, while the company has had to write off its ₹832 crore Moonshine Technologies investment due to the gaming ban.
So far, Nazara Technologies seems to be on the right path, even as its share price has plummeted 8.78% in the past one year. For investors, how the company manages to sustain its margins and arrest the revenue decline remains to be seen.
