Nazara Tech to invest in Israel’s gaming studio Snax Games

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Gaming firm Nazara Technologies is now planning to invest in Israel. In a recent stock exchange filing, Nazara Tech said it is planning to invest $500,000 (roughly Rs 4 crores) in Snax Games. Notably, the company is a gaming studio and is currently focusing on building its first-ever esports title.

Nazara’s Singapore subsidiary will sign the deal in the form of a Simple Agreement for Future Equity (SAFE). This means that the company will have the option to purchase deferred equity in the Israel-based firm.

As per moneycontrol, Adam Gal-Ed and Shahar Burg led the foundation of Snax Games. And ever since then, the company has developed various popular games and original IPs for Scopely, Plarium, and CrazyLab.

Along with investing in the gaming firm, Nazara Tech has also acquired the rights to publish Snax’s games in India and the Middle East region. The company will now be providing popular IPs from Snax Games to gamers.

Nazara to raise equity worth Rs 750 crores

Nazara’s Board of Directors (BoD) previously approved the proposal to raise up to Rs 750 crores through a combination of shares and other equity-linked instruments. The company has also invested in many gaming startups globally.

Apart from being one of the biggest investors, Nazara Tech’s esports subsidiary NODWIN Gaming also holds majority ownership in Nextwave Multimedia, developers of World Cricket Championship. Nazara also announced Christopher Franklin as the new CEO for Nextwave Multimedia to gain a strategic advantage.

The company is already focusing on the esports market as well as casual gaming sector. This perfectly lines up with Snax Games’ plans to develop and release new casual games. The Israel-based firm is currently working on Parties & Puzzle, which will be available through Nazara Tech.

The recent changes in the GST laws are reported to have a minimal effect on Nazara’s revenues. Nazara Tech, in its Q1 results for FY 2023-24, showed a 13.9% increase in revenue.

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