Nazara Technologies invests Rs. 75 lakhs in social contests platform Bakbuck
Online games company Nazara Technologies Limited has announced that it has invested an undisclosed amount in Khichadi Technologies Private Limited, the company that runs social contest platform Bakbuck.
However, as per Registrar of Companies (ROC) records, Nazara has invested around Rs. 75 lakhs (Rs. 75,00,500/-) in the company for 2143 compulsorily convertible preference shares.
Some other founders, individuals and corporate investors have also invested around Rs. 24.99 lakhs in the company, thus taking the total investment in the company in the seed funding round to around Rs. 1 crore.
Founded by Abhinay Jain, Shashank Kakrecha and Rohit Naidu in 2018, Bakbuck offers traditional Indian games like ‘Antakshari’, ‘Saanp Seedhi’ and ‘Tol mol ke Bol’ amongst others, in a contest format, that allows users to play anytime, with anyone. Currently available in Hindi, Bakbuck plans to expand to 10 more Indian languages soon.
The company has announced that it would be using the funds to enhance product development, acquire new users and build a community of women users.
Commenting on the investment, Manish Agarwal, CEO of Nazara Technologies noted, “Nazara has successfully built a very strong network of younger audience through its investments and offerings in sports-based mobile games. It is now looking at building the largest and most secure platform for virtual kitty parties where housewives can interact with each other freely and securely and enjoy a multitude of entertainment options.”
In March this year, Nazara had participated in a Rs. 40 crores Series A funding round in real money fantasy sports company Halaplay, along with listed casino and online gaming company Delta Corp.
The company has invested in several startups including game development, esports and real money quiz companies in the past.
Nazara has also reportedly announced that it is looking to acquire or invest in real money gaming companies in the online rummy and poker space.
Although the company received approval from SEBI for an Initial Public Offering (IPO) in April last year, Nazara has mysteriously not announced any date for going public or indicated any reason in the last one year as to why it did not adhere to the timelines of floating the IPO.
