Rakesh Jhunjhunwala: Rakesh Jhunjhunwala-backed games start-up launches IPO rush in India

Rakesh Jhunjhunwala: Rakesh Jhunjhunwala-backed games start-up launches IPO rush in India

By Saritha Rai Nazara Technologies Ltd., cricket game developer backed by billionaire Rakesh Jhunjhunwala, has become the first Indian gaming technology company to debut as mobile entertainment takes flight in the arena # 2 smartphones in the world.

The Mumbai-based start-up filed initial public offering documents with India’s market regulator on Friday. Its impending debut on local stock exchanges could encourage other Indian startups to tap into public markets, after years of explosive growth in mobile and internet use, from giant private companies of Paytm to Flipkart of Walmart Inc.

Founded by gamer Nitish Mittersain in 2000 as an undergraduate, Nazara is one of the companies that has benefited from a global smartphone gaming boom that began before the pandemic even pushed millions of people into it. online. Mittersain started the business with 30 million rupees borrowed from friends and family, only to be derailed during the dotcom collapse. The company has passed its first …

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