Bengaluru, 24th January 2024: Kofluence, the leading Social Media Influencer Marketing-Tech platform in India, is excited to announce a pivotal development in its growth trajectory as the board of Nazara Technologies Limited (BSE: 543280, NSE: NAZARA) has officially sanctioned the acquisition of a 10.77% stake in Kofluence.
As part of the share swap transaction, Nazara Technologies will issue 3,71,637 Equity Shares at a price of Rs. 872.15/- per Equity Share, amounting to Rs. 32,41,23,210 through a preferential issue on a private placement basis to the Sellers.
Kofluence has established itself as India’s premier Social Media Influencer led Marketing-Tech platform, boasting a vibrant community of across platforms such as Instagram, YouTube, Facebook, LinkedIn, and Twitter. The platform represents over 20 languages and operates as a Full Stack Marketing platform, delivering performance metrics across the entire customer journey.
The collaboration between Kofluence and Nazara Technologies is geared towards the launch of an influencer-driven game discovery platform and community. This pioneering initiative aims to leverage the vast network of influencers on Kofluence to promote Nazara’s games across various social media platforms. Influencers, with their ability to tailor content to their audience’s preferences, will generate excitement around new releases, boosting downloads and increasing visibility for Nazara’s gaming portfolio.
Nitish Mittersain, Jt. MD & CEO of Nazara Technologies, expressed his enthusiasm, saying, “Kofluence is pioneering creator economy led platforms and Sreeram’s extensive gaming experience is invaluable to create a pioneering influencer led game discovery platform and community. Our goal is to create an environment where gaming collaborates with the creativity of influencers, enriching the gaming experience for a global audience. Our new game publishing initiative ‘Nazara Publishing’ will particularly benefit from this new initiative”.
Sreeram Reddy Vanga, Co-founder, and CEO of Kofluence, expressed his excitement about the collaboration, stating, “Nazara’s investment is a powerful validation of our joint mission to revolutionise the gaming industry. With our extensive network of creators, we’re well-positioned to greatly enhance the visibility and engagement of Nazara’s gaming portfolio. This partnership is not only expanding Nazara’s game reach but also reshaping game marketing dynamics, bringing every creator and user into an expansive and captivating gaming narrative.”
Ritesh Ujjwal, Co-founder of Kofluence, emphasised, “This strategic collaboration marks a pivotal moment in Kofluence’s journey. The gaming industry is swiftly asserting dominance in the handheld technology entertainment business sector, displaying relentless momentum. Moreover, with the surge of gaming influencers, brands have a unique opportunity to forge partnerships and connect with their dedicated followers. We are enthusiastic about the limitless possibilities that unfold as we seamlessly integrate influencer marketing and gaming innovation with Nazara Technologies.