Nitish Mittersain-led Nazara Technologies Ltd completed the acquisition of gaming and entertainment company Smaaash Entertainment Pvt. Ltd. for ₹126 crore, turning it into a wholly owned subsidiary, the company said in an announcement on Friday (June 6).
According to the announcement, the deal was part of a court-approved resolution plan under the Insolvency and Bankruptcy Code and signals Nazara’s expansion into the location-based entertainment space.
The acquisition includes a ₹10 crore equity infusion through the subscription of 1 crore shares at ₹10 each and an unsecured inter-corporate loan of ₹116 crore extended to Smaaash for settling creditor dues. The National Company Law Tribunal (NCLT), Mumbai Bench, approved the resolution plan in May 2025.
Also Read: Nazara Tech bets on $100 billion console market with Curve Games acquisition
The acquisition gives Nazara full ownership of Smaaash and access to its location-based gaming and entertainment assets. Smaaash reported a turnover of ₹112.34 crore in FY24. The transaction, according to Nazara, does not fall under related party transactions and has been executed at arm’s length.
The company also retains an option to convert the ₹116 crore loan into equity under specific terms, providing flexibility in future structuring. This move aligns with Nazara’s strategy of inorganic growth and broadening its gaming ecosystem across both digital and physical platforms.
Founded in 2012 by Shripal Morakhia, Smaaash became one of India’s leading immersive entertainment chains, combining virtual reality, bowling, go-karting, cricket simulators, and F&B under one roof. Backed by marquee investors including Sachin Tendulkar, Peak XV Partners, Blume Ventures, Matrix Partners India, and Kalaari Capital, Smaaash had a strong urban presence with over 11 centers across India.
Also Read: Nazara Tech Q4 results: Net profit, revenue rise on 'momentum' in core gaming business
However, the COVID-19 pandemic and a debt load of over ₹400 crore pushed the company into financial distress. In May 2022, Smaaash entered corporate insolvency after defaulting on dues to Edelweiss Asset Reconstruction Company. Claims from creditors, including Yes Bank and SIDBI, totalled ₹426.3 crore.
According to the announcement, the deal was part of a court-approved resolution plan under the Insolvency and Bankruptcy Code and signals Nazara’s expansion into the location-based entertainment space.
The acquisition includes a ₹10 crore equity infusion through the subscription of 1 crore shares at ₹10 each and an unsecured inter-corporate loan of ₹116 crore extended to Smaaash for settling creditor dues. The National Company Law Tribunal (NCLT), Mumbai Bench, approved the resolution plan in May 2025.
Also Read: Nazara Tech bets on $100 billion console market with Curve Games acquisition
The acquisition gives Nazara full ownership of Smaaash and access to its location-based gaming and entertainment assets. Smaaash reported a turnover of ₹112.34 crore in FY24. The transaction, according to Nazara, does not fall under related party transactions and has been executed at arm’s length.
The company also retains an option to convert the ₹116 crore loan into equity under specific terms, providing flexibility in future structuring. This move aligns with Nazara’s strategy of inorganic growth and broadening its gaming ecosystem across both digital and physical platforms.
Founded in 2012 by Shripal Morakhia, Smaaash became one of India’s leading immersive entertainment chains, combining virtual reality, bowling, go-karting, cricket simulators, and F&B under one roof. Backed by marquee investors including Sachin Tendulkar, Peak XV Partners, Blume Ventures, Matrix Partners India, and Kalaari Capital, Smaaash had a strong urban presence with over 11 centers across India.
Also Read: Nazara Tech Q4 results: Net profit, revenue rise on 'momentum' in core gaming business
However, the COVID-19 pandemic and a debt load of over ₹400 crore pushed the company into financial distress. In May 2022, Smaaash entered corporate insolvency after defaulting on dues to Edelweiss Asset Reconstruction Company. Claims from creditors, including Yes Bank and SIDBI, totalled ₹426.3 crore.
First Published: Jun 7, 2025 5:07 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!