Nazara acquires Smaaash for $14.7m aiming to revamp the brand with digital IPs

Nazara has acquired the offline games platform Smaaash Entertainment for ₹126 ($14.7 million) making it a wholly owned subsidiary.
As reported by CNBC, the acquisition was part of a court-approved resolution under the Insolvency and Bankruptcy Code, marking its entry into the location-based entertainment space.
The deal includes a ₹10 ($1.1m) equity infusion and a ₹116 ($13.5m) loan to settle Smaaash’s creditor dues, as the National Company Law Tribunal (NCLT) Mumbai approved the resolution plan last month.
Nazara said it plans to revamp the Smaaash experience to appeal to modern audiences by integrating digital IPs and technologies from its broader network.
The company also aims to expand into new formats and geographies while forming collaborations with partners across content, retail, games, and live events.
A new chapter
The deal supports Nazara’s strategy of expanding its games ecosystem across digital and physical platforms and was conducted at arm’s length with no related party involvement.
“Over the years, Smaaash created a unique space at the intersection of sport technology and social play," said Nazara CEO and joint MD Nitish Mittersain. “Many of us have personal memories of playing there - whether bowling with friends, batting against virtual bowlers, or experiencing early VR.
He added: “We're inviting partners - and fresh ideas from those who believe in the future of tech-powered play to help us shape the next chapter of experiential gaming.
“Smaaash was a bold idea once. It's time to build on that idea, with sharper execution and a clearer lens on what the future demands."
Founded in 2012 by Shripal Morakhia, Smaaash offers experiences like VR, bowling, go-karting, and cricket simulators across more than 11 urban centers.
The company thrived until the COVID-19 pandemic, when it incurred a ₹400+ ($46m) debt, leading to financial distress. In May 2022, it entered corporate insolvency after defaulting on dues, with total creditor claims reaching ₹426 ($49m).