India-based gaming outfit Nazara Technologies has raised around $42 million (INR 315.3 Cr) from marquee investors.
Nazara will issue 1,429,266 equity shares at a price of approximately $29 (₹2,206) per share.
In accordance with the Securities and Exchange Board of India, from the date of issue the shares will be locked in for a period of one year.
Nazara has stated that the investment injection will be utilised to expand the growth initiatives of the company and pursue strategic acquisitions.
Part of the acquisition strategy will see its "Friends of Nazra" ecosystem grown, including acquisitions in gamified learning, free-to-play, skill-based real money gaming, and esports.
"We are thankful to our investors for their strong endorsement of Nazara’s strategic vision and ability to execute towards its stated goals," said Nazara Technologies CEO Manish Agarwal.
"The investment from such institutional investors will act as a catalyst for the Nazara flywheel to operate faster across all business segments and will result in compounding of the shareholder value organically and inorganically at the parent, as well as at subsidiary levels."
The funds raised are subject to the approval of shareholders of the company and regulatory authorities.
Earlier this year, Nazara acquired a majority stake in Publishme, the largest mobile game publishing agency in the Middle East and Turkey, for $2.7 million.