In a move that signals a bold expansion beyond screens, Nazara Technologies, helmed by Nitish Mittersain, has completed its ₹126 crore acquisition of Smaaash Entertainment Pvt. Ltd., transforming the iconic immersive entertainment brand into a wholly owned subsidiary. This strategic acquisition, approved by the NCLT Mumbai under the Insolvency and Bankruptcy Code, positions Nazara to become a major force not just in the digital gaming arena but in experiential, location-based entertainment as well. With a ₹10 crore equity infusion and a ₹116 crore inter-corporate loan to clear creditor dues, the deal is not only financially sound, but future-focused, giving Nazara access to real-world venues, tech IP, and a proven entertainment model.
Founded in 2012 by Shripal Morakhia, and previously backed by iconic investors such as Sachin Tendulkar, Peak XV, and Blume Ventures, Smaaash has built a cult-like following for its high-octane blend of VR gaming, cricket simulators, go-karting, and interactive experiences across urban India. With a turnover of ₹112.34 crore in FY24, the brand has proven its appeal to a generation hungry for immersive, social, and adrenaline-driven entertainment a natural extension for a company like Nazara, which has already mastered the digital side of the experience.
This acquisition isn’t just about numbers it’s about narrative control in an evolving entertainment ecosystem. With the rise of hybrid experiences and the return of footfall to physical venues post-pandemic, Nazara’s pivot toward phygital (physical + digital) experiences offers a timely and powerful growth lever. It’s also a playbook that mirrors global gaming and media trends, where the convergence of content, community, and presence is redefining how audiences interact with brands.
Critically, Nazara retains the option to convert the loan into equity, giving it long-term strategic flexibility while securing immediate operational control. That alone demonstrates a deep confidence in Smaaash’s underlying potential and in its ability to scale under new leadership. With this move, Nazara isn’t just expanding it’s anchoring itself in the physical world while bringing its digital DNA into a new arena.
This is more than a rescue deal. It’s a revival with fresh capital, visionary synergy, and a roadmap that connects the dots between gaming, experience, and India’s next entertainment frontier. In acquiring Smaaash, Nazara is playing the long game and it’s game on.
