Gaming and sports media firm Nazara Technologies announced on April 5 plans to invest $2.5 million (Rs 18.86 crore) in Bitkraft Ventures, a US-based early-stage investment firm that backs startups in gaming, Web3, and immersive technology.
As part of this deal, Nazara's Singapore subsidiary will invest $0.875 million upfront and the remaining $1.625 million over three years.
This comes after Nazara announcing a similar partnership with gaming-focused venture capital fund Griffin Gaming Partners on March 11. As part of this, the company had committed Rs 30 crore ($4 million) to Griffin that recently raised $750 million in its second fund.
The diversified gaming and sports media firm said the investment will enable them to leverage the network of Bitkraft for partnerships/investments into Nazara and its subsidiaries, co-investments into "highly sought-after founders/companies" and secure deal flow for mergers and acquisitions from the current portfolio of funds.
"Our investment in Bitkraft is in line with our long-term commitment to nurture and empower the gaming community across the world. Over the course of the next few years, this investment will enable us to work towards realising our strategic vision of becoming catalysts to empower the global gaming community and chart the next stage of growth in an increasingly connected and virtual world," said Nazara CEO Manish Agarwal.
Led by former Electronic Sports LeagueCEO and G2 Esports chairman Jens Hilgers, Bitkraft had closed a $165 million fund in August 2020. It also raised $75 million token fund in October 2021 to invest in blockchain gaming.
Bitkraft has backed domestic startups such as Delhi-based mobile gaming platform Gamezop and Bengaluru-based mobile game development studio Lila Games. Its global portfolio firms include Epic Games, Playable Worlds, Manticore Games, and Bit Fry. It has made more than 90 investments so far.
"We have done multiple investments in the subcontinent and intend to do more in addition to supporting international investment to drive growth in India," said Malte Barth, founding general partner at Bitkraft.
Nazara's portfolio of startups includes Nodwin Gaming and SportsKeeda in the esports segment, and Paper Boat Apps, developer of the gamified learning app Kiddopia.
The portfolio also includes Next Wave Multimedia, the developer of World Cricket Championship, Halaplay, Qunami and OpenPlay in the skill-based real money gaming vertical, and Datawrkz, a programmatic advertising and monetisation company.
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