Listed gaming and media firm, Nazara Technologies stated it would invest $500,000 (Rs 4.15 crore) in Israel-based game developer Snax Games Ltd. The investment could be made via its Singapore-based subsidiary Nazara PTE Ltd, the firm stated. Nazara also entered an agreement to secure exclusive publishing rights for games made by Snax Games in the Indian subcontinent and the Middle-East region for five years on a revenue-sharing basis.

The investment is being done via a Simple Agreement for Future Equity (SAFE), the company said in a stock exchange filing. Following the deal, Nazara Singapore will have the right to acquire equity shares in Snax Games at a future date. Based out of Herzliya City in Israel, Snax Games was founded in 2020 and develops casual games and puzzles. The firm says it will build games in a new genre called “casual multi-game” and is working on its first such product.

“We are happy to back the highly experienced team at Snax Games and bring their high quality and engaging games to our audiences in India and the Middle East,” said Nitish Mittersain, chief executive and joint managing director, Nazara Technologies, Nazara said its profit after tax for the quarter ended, 2023 jumped 31% year-on-year to Rs 20.9 crore. Revenue for the first quarter of FY24 was Rs 254.4 crore, up 14% from a year ago.

Currently, 60% of the company’s revenues are hosted internationally, while the remaining 40% is based in India. About 45% of the overall business is housed solely out of the United States market. This includes firms like Kiddopia, casual game developer Wildworks, and ad tech business Dataworks. Among the firms it earlier acquired stakes in, Nodwin Gaming registered a revenue of Rs 68 crore in the quarter, up 7%. Kiddopia is another acquisition of Nazara’s,a revenue of Rs 57 crore, up 10%. Sportskeeda,

On the other hand, posted Rs 45 crore in revenue, Nazara’s board approved raising of up to Rs 750 crore using a combination of equity shares and equity-linked instruments or securities. This was the first fundraising activity by the company after its initial public offering (IPO) when it raised Rs 583 crore.