Nazara Tech picks up 15.86% stake in Stan for $2.2 million

12 Sep 2024 , 01:40 PM

Nazara Technologies, a firm that specialises in gaming, esports, and sports media, has acquired a 15.86% interest in Stan, a blockchain-based e-sports fan interaction startup. Nazara acquired a stake in Stan for $2.2 million in cash in a secondary transaction with current shareholders.

Stan is developing a mobile-first platform that will allow creators to create and monetise communities, as well as users to interact with their favourite gaming creators or celebrities via digital collectibles, chat or audio rooms, and exclusive celebrity communities.

It also allows users to interact with each other. As of July 2024, the company’s user base has topped 12 million, with organic and referral-based routes accounting for more than 80% of all traffic. The platform has over 500,000 paid users and a 30-day retention rate of more than 60%.

Stan raised $2.7 million in January of this year from Aptos Labs, Maelstrom Fund, and other investors. In May 2022, the Bengaluru-based business raised $2.5 million in a seed round sponsored by General Catalyst and others.

Nazara’s investment will be a significant boost for STAN, accelerating our quest to revolutionise gaming and esports, communities, and help us realise our mission, according to Parth Chadha, CEO of STAN.

Nazara paid ₹228 crore in cash for Fusebox Games, a UK-based gaming business, last month. Prior to that, the company acquired Kiddopia maker Paper Boat Apps, Ultimate Teen Patti’s intellectual property rights, and DeltiasGaming’s assets.

At around 11.56 AM, Nazara Technologies was trading 3.66% higher at ₹1,000.40 per piece, against the previous close of ₹965.10 on NSE. The counter touched an intraday high and low of ₹1,018.80, and ₹978.75, respectively. 

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