Asia

Nazara Technologies Ltd. – Business Update for the year ended on March 31, 2021

Published

5 years ago

April 23, 2021

Reading Time: 5 minutes

In accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 and Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information in terms of Regulation 8 of SEBI (Prohibition of Insider Trading) Regulations, 2015, the Company would like to update on the following key business parameters on consolidated basis for the Year ended March 31^,2021

Business Overview:

Nazara is an India based, diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America.

As of March 31, 2021, Nazara has diverse business segments with revenue generation happening across gamified learning, Esports, freemium and telco subscription.

S. No.	Business Segment	Business Model	Content IP Ownership	IP Name	% Revenue Contribution FY21
1	Early learning	Gamified App for 2–6 year old kids with subscription paid by parents	Yes	Kiddopia	39%
2	Esports	Premium exclusive content / (Media rights licensing) & brand sponsorships (ads shown on the platform)	Yes	Nodwin, Sportskeeda	37%
3	Freemium	Ads & virtual items purchased within the games	Yes	WCC	4%
4	Telco Subscription Business	Players subscribing to curated game packs and payment collected through telecom operator channel	No	–	16%
5	Skill Based Real Money Gaming	Platform fee collected from the skill games played on the platform	Yes	Halaplay, Qunami	4%

Income Statement Performance: Snapshot of FY21 over FY20

Key Highlight of FY21: Delivered 84% YoY revenue growth and 470% YoY EBITDA growth

Revenue Performance: Snapshot – FY21 when compared to FY20

Nazara Technologies delivered consolidated revenue of 4,542 Mn INR (unaudited) in FY21 which is 84% growth over FY20 (2,475 Mn INR). Gamified learning and Esports segments have not only demonstrated strong growth momentum in FY21 but have also laid foundation for predictable growth on account of proven user engagement and retention KPIs in gamified learning and multiyear media licensing and game publisher agreements in case of Esports.

Segment wise revenue breakup is as follows:

Revenue INR Mn	FY21 (unaudited)	FY20 (audited)	% Growth
Gamified Learning	1,758	191*	820%
Esports	1,701	842*	102%
Freemium	195	198	(2%)
Telco Subscription	749	818	(8%)
Real Money Gaming	139	426	(67%)
Total Revenue	4,542	2,475	84%

*included from date of acquisition in the consolidated financial statement for FY20.

Consolidated EBITDA Performance: Snapshot – FY21 when compared to FY20

EBITDA including share of non-controlling interest for FY21 has witnessed 470% growth over FY20.

Particulars

FY21

(unaudited)

FY20

(audited)

EBITDA margin

12%

As Nazara is operating in high growth business segments such as gaming, gamified learning and Esports, we will continue to drive profitable growth while prioritizing growth over profit maximization at this stage so that we can achieve and maintain market leadership in the segments we operate in.

Segment wise commentary on business performance:

Gamified Learning: Kiddopia had 340,282 paying subscribers as of March 2021 which is a 172% increase in number of paying subscribers as compared to March 2020 (197,522).

LTV (Lifetime Value) – CAC (Consumer Acquisition Cost) Parameters: Cost per trial has stayed range bound between 22 USD to 26 USD in last 12 months and activation ratio from free trial to subscription has also remained around 70%. Monthly ARPU of the user has been around 6.3 – 6.4 USD and monthly churn is range bound between 4% – 6% across the months in FY21.

Esports: Esports revenues comprise of media rights licensing of own content, brands sponsorships for offline and online events, licensing fee received from game publishers for community activation and programmatic inventory selling on Sportskeeda. Esports is disrupting traditional sports worldwide and is an outcome of sports and gaming intersecting to create fast paced spectator entertainment content.

Sportskeeda witnessed 487% growth in MAU in FY21. During peak cricket season (October 2020), Sportskeeda recorded 68.44 Mn MAU up from 10.53 Mn MAU in April 2020.Sportskeeda has emerged as a leading Esports news and content destination in India.

Nodwin continued revenue growth momentum with 75% growth in FY21 over FY20. Media rights contributed to majority of the revenues in FY21 and game publishers formed second largest source of revenue wherein Nodwin partnered with them for grass route community tournaments across India. Nodwin also expanded into South Asia in FY21. Nodwin continues to be the dominant player in Esports in India with its marquee IPs like ESL India premiership, Dew Arena etc.

Free to Download (Freemium): WCC (World Cricket Championship) is the world’s largest cricket simulation game franchise on mobile and is played for ~46 minutes / day by over 15 Mn monthly active users. The Game has a very strong franchise among the midcore gamers who love virtual sports simulation genre and gets over 100,000 downloads every day organically and without any marketing spends. WCC revenues were flat in FY21 on account of drop in advertising rates in India due to COVID. We expect growth in WCC to come from in app purchases of virtual goods and WCC3 – the latest version of the game launched in July has been designed for enhancing in-app purchase conversion rates.

Scale of Daily Active Users (DAUs) of world cricket championship (WCC) is stable with few spikes seen during first phase of lockdown in April 20 and during IPL 20.
Tangible progress has been made on % conversion ratio (daily paying to daily active users (DPU/ DAU)) in FY21 via launch of WCC3. The % conversion in WCC3 has increased multi-fold to 0.08% – 0.10% as compared to 0.01% in WCC2. % Conversion in WCC3 is expected to increase further in FY22 through new product updates.

Once positive LTV/CAC equation is achieved, the company will invest aggressively in user acquisition to scale up its user base on WCC and drive profitable growth.

Telecom operator driven Subscription business declined by 8% in FY21 over FY20 primarily due to decline in India revenues in H2FY21. Nazara has acquired rights to distribute a library of premium Disney and Star Wars games based on iconic stories and characters including Star Wars, Frozen, Big Hero 6, Cars, Duck Tales, Finding Dory, Toy Story and many others in 100 countries for three years. These premium games will be distributed through Nazara’s network of telecom operators to their customer base. Under this agreement with Disney, Nazara is the only third party distributor that Disney has granted the right to create and operate Disney themed storefronts for premium Disney and Star Wars games on these telco channels.

Sports Fantasy (Real Money Skill Gaming): Sports fantasy witnessed disruption in FY21 on account of lack of live matches in first half of FY21 and regulatory turbulence triggered by legislative ordinances passed in few of the large states banning real money gaming operations. The lack of stability in the regulatory framework lead to Nazara taking strategically cautious approach in this vertical till further clarity emerges. We have therefore pivoted to a product driven growth strategy versus an aggressive customer acquisition spends led strategy and the team is focused on enhancing existing as well as bringing new product features to differentiate ourselves in this segment.

About Non-Financial GAAP measurement

We use EBITDA as supplemental financial measures. EBITDA is defined by us as net income before interest expense, income tax expense and depreciation and amortization, including share of non-controlling interest. EBITDA as used and defined by us, may not be comparable to similarly-titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. EBITDA should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA provide no information regarding a Company’s capital structure, borrowings, interest costs, capital expenditures and working capital movement or tax position.

These numbers have not been subjected to audit or limited review.

Asia

GLI Becomes the First Company Accredited by PAGCOR to Test and Certify iGaming Platforms in the Philippines

Published

16 hours ago

March 25, 2026

Wladimir P.

gli-becomes-the-first-company-accredited-by-pagcor-to-test-and-certify-igaming-platforms-in-the-philippines

Gaming Laboratories International (GLI) has been named an Independent Testing Laboratory (ITL) by the Philippine Amusement and Gaming Corporation (PAGCOR). GLI is the first gaming testing company to achieve the accreditation and is now authorised to test and certify iGaming platforms in the Philippines.

GLI will bring its global and unsurpassed expertise to the Philippines, helping to ensure PAGCOR meets its policy and regulatory objectives as set out in its rules. GLI’s presence and its GLI-19 Standard will also help suppliers who wish to successfully and compliantly enter the marketplace.

Submissions will be tested against “GLI Standard Series GLI-19: Standards for Interactive Gaming Systems,” which has been widely accepted and adopted by jurisdictions around the world.

PAGCOR Chairman and CEO Alejandro H. Tengco said: “Regulated gaming markets ensure a safer and more sustainable gaming industry for all to participate in. A regulated market enables compliance to responsible gaming standards and the provision of tax revenue for reinvestment back into the community. PAGCOR now requires all iGaming B2B suppliers operating in the Philippines to be accredited to ensure they comply to the rigorous requirements needed to protect iGaming players. We are pleased to acknowledge GLI as the first testing and game certification provider to be accredited in the Philippines under this new framework. GLI is a global leader in regulatory advisory, iGaming and EGM testing / certification, and data security.”

GLI President and CEO James R. Maida said: “We are grateful to PAGCOR Chairman and CEO Alejandro H. Tengco and to the entire PAGCOR team for the trust they continue to place in GLI. Under the Chairman’s skillful leadership, the market in the Philippines has improved steadily, and we are honored to be the first company to be accredited for iGaming testing and certification, and we look forward to working side- by-side with PAGCOR to meet their policy objectives.”

The post GLI Becomes the First Company Accredited by PAGCOR to Test and Certify iGaming Platforms in the Philippines appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Asia

Team India and Türkiye Win Gold at the Global Esports Games Mumbai

Published

16 hours ago

March 25, 2026

Wladimir P.

team-india-and-turkiye-win-gold-at-the-global-esports-games-mumbai

Team India and Türkiye won Gold at the Global Esports Games Mumbai, delivering electrifying performances in front of a packed arena and thousands more tuning in online worldwide. India’s Anuhith Gosala edged Kazakhstan 3–2 in a thrilling Clash Royale Grand Final, while Türkiye secured a commanding 3–1 victory over Mongolia in the Dota 2 Grand Final. With a Gold in Clash Royale and a Bronze in Dota 2, Team India was crowned Overall Champion.

India stormed into the Clash Royale Grand Final with a 2–1 win over the USA in a tense lower bracket decider, setting up a rematch with Kazakhstan. Having fallen 0–2 in the upper bracket, India turned the tables when it mattered most, as Anuhith Gosala delivered a clutch performance to seal a dramatic 3–2 victory and the Gold medal.

In Dota 2, Team India secured Bronze after falling to Mongolia in the lower bracket. Mongolia advanced to the Grand Final, where Türkiye asserted its dominance with a composed 3–1 victory to take the title.

Sharing his thoughts on the victory, Team India’s Clash Royale gold medallist, Anuhith Gosala, said: “This moment is surreal. To win the Grand Finals here in India, in front of a home crowd, makes it even more emotional. The preparation was relentless, the pressure was intense, and every match tested my limits—but that’s what makes this victory so special. Hearing the cheers, feeling that energy, and lifting this title for the country is an indescribable pride. This is for India, and for everyone who believes in us. I hope this win inspires many others to follow in our path.”

Sir Paul J. Foster, President & CEO, Global Esports Federation, said: “As the Global Esports Games Mumbai comes to a close, we celebrate not only the incredible performances of our athletes, but the spirit of unity and connection that defines our global community. Mumbai has delivered exceptional energy, passion, and hospitality, reinforcing our belief that esports transcends borders and brings the world together. We are deeply grateful to our partners in India for setting a new benchmark for excellence—and we now look ahead with excitement to Los Angeles, where this journey continues on an even greater stage.”

Shripad Ashtekar, Founder of Eflag Corp, said: “Over the past few days, we have witnessed not just world-class competition, but the coming together of talent, innovation, and community on a truly global stage. We hope to keep delivering such platforms and strong foundations for future growth by unlocking new opportunities for Indian players, creators, and the broader AVGC ecosystem. We are proud to have played a key role and look forward to building on this momentum in the years ahead.”

Organized by the Global Esports Federation in partnership with Eflag Corp, with the support of Maharashtra Tourism, the Global Esports Games Mumbai was inaugurated by the Hon’ble Chief Minister of Maharashtra, Shri Devendra Fadnavis. Over four days, Mumbai welcomed 48 elite athletes from 19 countries, emerging from a global field of 78 nations in the Regional Qualifiers.

The post Team India and Türkiye Win Gold at the Global Esports Games Mumbai appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Asia

Skyesports and GodLike signs MoU with Maharashtra Cyber to promote esports and cyber hygiene in Maharashtra

Published

2 days ago

March 23, 2026

Wladimir P.

skyesports-and-godlike-signs-mou-with-maharashtra-cyber-to-promote-esports-and-cyber-hygiene-in-maharashtra

India’s esports ecosystem is taking another step forward as Skyesports and GodLike Esports sign a Memorandum of Understanding (MoU) with Maharashtra Cyber, the Government of Maharashtra’s nodal cybersecurity body. The partnership aims to grow the state’s esports ecosystem while promoting cyber hygiene and responsible digital behaviour among gamers.

The agreement was signed during a closed-door meeting in Mumbai and reflects a broader push by the state to develop its digital and creative industries. As India’s leading state economy, Maharashtra is positioning itself as a hub for esports and gaming, aligning with its wider “orange economy” strategy.

Under the MoU, the three parties will collaborate on esports tournaments, leagues, and community initiatives, while embedding cyber safety messaging into all activities. This includes raising awareness around cyberbullying, fraud prevention, data privacy, and responsible online conduct—key concerns as esports audiences continue to grow, particularly among younger users.

Skyesports will lead tournament organisation and community engagement, while GodLike Esports will support through mentorship programmes, professional player involvement, and grassroots initiatives. Maharashtra Cyber will focus on amplifying cyber awareness and promoting safe digital practices across the ecosystem. Eyrie Entertainment will support outreach efforts and help scale campaign visibility across the state.

Commenting on the initiative, Shiva Nandy, Founder and CEO of Skyesports, said:

“The growth of esports requires strong collaboration between the industry and government stakeholders. This MoU with Maharashtra Cyber represents an important step toward strengthening Maharashtra’s esports ecosystem through responsible gaming initiatives and grassroots engagement. As India prepares to compete at global events such as the Esports World Cup (EWC), Esports Nations Cup (ENC), and the Asian Games 2026, partnerships like this will play a key role in building a stronger pipeline of talent and opportunities for young gamers. With GodLike Esports also joining the initiative, we aim to combine competitive expertise and creator reach to drive deeper community engagement. The MOU is a first-step towards solidifying Maharashtra as an esports hub globally.”

Yashasvi Yadav, Additional Director General of Police at Maharashtra Cyber, added:

“As esports continues to grow rapidly among young audiences, it is equally important to promote safe and responsible digital practices within the gaming ecosystem. Through this collaboration with Skyesports and GodLike Esports, we aim to raise awareness around cyber hygiene, online safety, and responsible behaviour in gaming communities. Initiatives like these will help ensure that the growth of esports in Maharashtra is supported by strong awareness of cybersecurity, digital discipline, and safe online participation.”

Chetan “Kronten” Chandgude, Founder of GodLike Esports, said:

“At GodLike Esports, we have always believed that the true growth of esports in India lies in strengthening its roots at the grassroots level. Through this collaboration with Maharashtra Cyber and Skyesports, we aim to support the state’s vision of building a strong and sustainable esports ecosystem. Our focus will be on engaging young gamers through mentorship, community initiatives, and professional player interactions, while also promoting cyber hygiene and responsible gaming practices. This MoU also marks the first step toward our vision of putting the state on the global esports map, and we look forward to sharing some exciting announcements around this soon.”

The initiative also aligns with global recommendations from organisations such as the International Telecommunication Union, which highlight the importance of cybersecurity awareness as digital participation expands.

For more on esports growth and regulation, see Europa Gaming’s coverage on India Esports Market Growth and Esports Regulation Trends.

As esports continues to scale in India, partnerships like this underline a key industry shift: growth is no longer just about tournaments and audiences, but also about building a safer, more responsible digital environment for the next generation of players.

The post Skyesports and GodLike signs MoU with Maharashtra Cyber to promote esports and cyber hygiene in Maharashtra appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.