Nazara Technologies, the Mumbai-based mobile entertainment provider and online gaming firm, is inching closer to get a second round of funding from two private equity firms in early January.An industry source in know of the development said that two overseas PE firms, including Sequoia Capital will invest around $7 million in Nazara.
It has been learnt that Sequoia deal has been sealed and Nazara will make an official announcement on January 7, though promoter and chief executive officer of Nazara Technologies Nitish Mittersain declined to comment anything at this stage.
“Margins in the cricket and gaming are as high as 40% compared to other space like music, ringtones where it’s around 5%. We have targeted the mobile value-added services space in a big way,” Mittersain added.
Nazara had got first funding of $1.5 million from Sequoia Capital.Sequoia Capital has investments in Mauj ($10 million), Bharti Telesoft ($12 million), Nazara ($2 million), Bubbly Motion ($10 million).
According to Associated Chambers of Commerce and Industry of India, a reduction in basic customs duty from 10% to 5% and elimination of additional customs duty could enhance India’s current share of 0.25% in the $30 billion global market to 3% by 2010.
Read more in The DNA Money article.
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