Nazara Technologies Limited is a diversified gaming and sports-media company, not a single game studio. Its portfolio combines mobile games, gamified learning, PC and console publishing, esports, sports websites, advertising technology and offline entertainment. Those businesses monetize in different ways, including in-app purchases, advertising, subscriptions, platform fees, premium game sales, sponsorships, media rights, ticketing and publisher services.
Nazara’s FY 2024-25 annual report (the year ended March 31, 2025) shows why the distinction matters. The company reported consolidated revenue of ₹1,623.90 crore and EBITDA of ₹184.10 crore, while its broader “Others” businesses produced more revenue than the Gaming segment. The figures are historical annual results, not current-quarter numbers.
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What is Nazara Technologies?
Nazara Technologies Limited is an India-based gaming and sports-media group whose companies serve consumers, advertisers, game publishers, event audiences and brands. Nazara describes its platform as spanning esports, gamified learning, freemium gaming and adtech. In practical terms, that means the group can earn money from a child’s learning subscription, a player’s mobile purchase, a PC game’s digital sale, an esports sponsorship, a sports-media advertisement or a ticket to an offline venue.
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The company says it began in 1999, pioneered a content-led microtransaction model distributed through telecom operators, later expanded into freemium gaming, entered esports through NODWIN Gaming and moved into gamified early learning through Kiddopia. Its official overview also describes Nazara as “India’s only listed gaming company”; that is the company’s own positioning, not an independently verified industry ranking.
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Nitish Mittersain, identified by the company as CEO, Founder & MD, explains the origin of the business this way: “I started coding games when I was seven. So, it became a lifelong passion for me. I used to see my friends and myself spend a lot of time in the computer centre playing games with each other. And it struck me that gaming has to become a large business in India. So, I jumped right into it without thinking too much.”
For an investor or anyone evaluating the business, the central point is diversification. Nazara owns or operates consumer game and learning products, a PC/console publisher, esports and event properties, sports-media brands, adtech businesses and an indoor-entertainment operation. Calling it only a mobile-game developer leaves out a large part of how the group earns revenue.
How Nazara’s reported segments are organized
In the FY 2024-25 annual report, Nazara groups its activities into two broad reportable segments: Gaming and Others. The segment labels are useful because their revenue sources and profitability profiles differ materially.
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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitches| Reportable segment | Share of FY 2024-25 revenue | Share of segment EBITDA | Main activities | Typical monetization |
|---|---|---|---|---|
| Gaming | 32% | 56% | Mobile games, gamified learning, PC/console publishing and related gaming services | In-app purchases, advertising, subscriptions, platform fees, premium title sales and entry ticketing |
| Others | 68% | 44% | Esports, sports media, adtech, events and offline entertainment | Sponsorships, media rights, advertising, media buying, publisher solutions, accessories and venue ticketing |
Nazara states the EBITDA contribution percentages before unallocated corporate costs. They therefore show the operating contribution of the two segments on the basis used in the annual report, rather than a complete allocation of every central cost.
What does Nazara’s Gaming segment include?
The Gaming segment is the part most people associate with Nazara, but it contains several different models. Some products are recurring subscription businesses, some depend on virtual goods and advertising, and a publisher such as Curve Games earns primarily from selling premium PC and console titles.
Consumer games and gamified learning
Kiddopia provides gamified early-learning content for children aged two to seven. Its principal monetization method is subscription access. For FY 2024-25, the business review reported revenue of ₹191.8 crore and EBITDA of ₹43.7 crore.
Animal Jam targets children aged eight to 12 with a gamified-learning environment. The report identifies in-app purchases and subscriptions as its revenue sources and reports FY 2024-25 revenue of ₹104.9 crore and EBITDA of ₹21.9 crore.
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These products illustrate why subscriptions matter in a game portfolio. A subscription can produce recurring billing when families keep using the service, while in-app purchases allow revenue to vary with engagement and the content offered. The report does not say that every product uses both methods or that the economics are identical across subsidiaries.
Narrative mobile games
Love Island and Big Brother are narrative mobile games. Their reported monetization consists of in-app purchases and advertising, linking revenue to both player spending and the audience available for ads. The report gives combined revenue of ₹161.7 crore for the FY 2024-25 consolidation period and notes that Fusebox was consolidated from August 22, 2024. Because consolidation began during the year, that figure should not be read as a full twelve-month contribution from an independently owned business.
World Cricket Championship
World Cricket Championship is a mobile cricket franchise monetized through in-app purchases and advertising. Nazara’s FY 2024-25 business review reports revenue of ₹22.2 crore and EBITDA of ₹1.8 crore. Cricket creates a recognizable theme and repeat-play opportunity, but the revenue still depends on the specific purchase and advertising behavior of users rather than on a single fixed retail price.
Premium PC and console publishing through Curve Games
Curve Games is the group’s PC and console publishing business. Its identified revenue sources are digital sales, buyouts and ancillary income. Digital sales can include purchases through game platforms, while a buyout is a payment associated with a publishing or licensing arrangement; ancillary income covers additional publisher-related receipts described in the company’s reporting.
The annual report gives Curve Games revenue of ₹263.5 crore and EBITDA of ₹114.4 crore for calendar year 2024. It also says Curve Games was consolidated into Nazara’s books from April 1, 2025. Those calendar-year figures therefore should not be presented as Curve Games’ full-year FY 2024-25 contribution to the group. They are a business-review reference for a period and a consolidation timing that do not match the March 31, 2025 financial year.
Other Gaming activities
The Gaming portfolio named in the annual report also includes Funky Monkeys, Ultimate Teen Patti, PokerBaazi, Crash Arena Turbo Stars, King of Thieves and Nazara Telco Distribution. The report associates entry ticketing with the Gaming segment, which can apply to entertainment formats that charge for participation rather than for a downloadable title. It does not establish that every named product uses every listed revenue method.
Funky Monkeys is an indoor children’s-entertainment business. It earns from admission tickets and birthday parties, rather than from a conventional mobile-game storefront. The report states revenue of ₹17.0 crore and EBITDA of ₹7.3 crore, and notes that Nazara consolidated the business from March 1, 2025. That late consolidation date is important when interpreting the annual figure: it represents only the period included in Nazara’s accounts.
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What businesses are in Nazara’s Others segment?
The Others segment is larger by revenue in the annual-report presentation and broadens the group beyond game sales. It links live events, media audiences and advertising infrastructure.
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NODWIN Gaming and esports
Nazara identifies NODWIN Gaming as a major esports business. Esports revenue commonly comes from commercial relationships built around competitions and audiences. In the annual-report description, the relevant mechanisms include brand sponsorships and media rights. Sponsorships pay for association with an event, league or audience; media-rights income comes from licensing the right to distribute or show content.
Esports economics can therefore differ from an in-app-purchase model. Revenue may be tied to a tournament calendar, a rights agreement or a campaign commitment instead of to millions of small consumer transactions. The annual report’s segment-level description does not say that each NODWIN property uses all of these channels in the same proportion.
Sportskeeda and sports media
Sportskeeda is described as a sports-media platform. The wider portfolio also names Pro Football Network and Soap Central. These properties attract audiences to editorial and other digital content, creating inventory that can be monetized through advertising, sponsorships and media services. The report groups sports media with the broader Others activities; it does not provide a separate revenue split for each publication.
Comic Con India and NH7 Weekender
Comic Con India and NH7 Weekender are event-oriented properties named in the Others segment. Events can combine sponsorship revenue, media rights and ticketing, with the mix depending on the event and the agreements attached to it. Ticketing is paid by attendees, while sponsorship and rights income is paid by commercial partners or distributors.
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Datawrkz supplies advertising and publisher services. The annual report lists programmatic advertising, digital media buying and planning, self-serve demand-side-platform services, and publisher solutions such as bidding tools and traffic management.
These services sit on the infrastructure side of digital advertising. A demand-side platform helps advertisers manage the purchase of digital ad inventory; publisher tools help websites and other content owners manage bids, traffic and monetization. Revenue can come from fees for operating the technology or services, rather than from selling a game directly to a player.
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The report also names Space & Time in this wider set of activities. As with the other subsidiaries, the segment description identifies the business category and monetization mechanisms but does not imply that every company has the same fee structure.
How does Nazara Technologies make money?
Nazara’s revenue model is a portfolio of transaction, recurring, advertising and business-to-business income streams. The following map shows what each mechanism means in the context of the group.
| Revenue mechanism | How it works | Examples in the portfolio |
|---|---|---|
| In-app purchases | Players buy virtual items, content, features or other digital benefits inside a mobile game. | Animal Jam, Love Island, Big Brother, World Cricket Championship and other mobile titles |
| Advertising | Advertisers pay for access to users or audiences reached through games and media properties. | Mobile games, Sportskeeda and other digital-media activities |
| Subscriptions | Users or families pay recurring fees for continuing access to a product or content library. | Kiddopia and Animal Jam |
| Platform fees | A service retains a fee for enabling distribution, transactions or participation. | Gaming and distribution activities described in the annual report |
| Premium PC/console sales | Players pay for a title distributed digitally through a game platform. | Curve Games |
| Buyouts and ancillary publishing income | A publisher receives contracted payments or related income beyond ordinary unit sales. | Curve Games |
| Sponsorships | Brands pay to associate with competitions, events, media properties or audiences. | NODWIN Gaming, Comic Con India and NH7 Weekender |
| Media rights | A distributor or platform pays for rights to show or distribute event or sports content. | Esports and event/media activities |
| Ticketing | Participants or attendees pay admission or entry fees. | Funky Monkeys and applicable gaming or event activities |
| Adtech and publisher services | Advertisers and publishers pay for technology, media buying, planning, bidding or traffic-management services. | Datawrkz and related Others businesses |
| Direct-to-consumer accessories | Consumers purchase accessories sold directly through the business. | An accessories revenue stream mentioned in the Others segment; specific products are not identified in the annual report |
These channels have different drivers. A subscription business is sensitive to retention and renewal; an ad-funded product depends on audience scale and advertising demand; a premium publisher depends on successful releases and platform sales; and an event business depends on attendance, sponsorship and rights agreements. Diversification can reduce dependence on one channel, but it also makes the group harder to analyze as if it were a single game publisher.
What do the FY 2024-25 financial figures show?
Nazara’s FY 2024-25 annual report, covering the year ended March 31, 2025, reported:
- Consolidated revenue of ₹1,623.90 crore.
- Consolidated EBITDA of ₹184.10 crore, reported before unallocated corporate costs.
- An EBITDA margin of 11.30%.
- Revenue growth of 43% compared with FY 2023-24.
- A cash position of ₹665.4 crore as of March 31, 2025.
The segment mix gives the most useful interpretation. Gaming supplied 32% of revenue but 56% of EBITDA, while Others supplied 68% of revenue and 44% of EBITDA. In other words, the Others businesses were the larger revenue engine in that year, whereas Gaming represented the larger share of the segment EBITDA contribution on the basis reported by the company.
Those percentages should not be converted into a claim that one segment is permanently more profitable. They describe one annual period and use the company’s segment presentation. Consolidation dates also matter: Fusebox was included from August 22, 2024, Funky Monkeys from March 1, 2025, and Curve Games from April 1, 2025 for accounting purposes described in the report.
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It is not a pure game-development investment
Game development and publishing are only part of the earnings base. Esports, sports media, advertising technology and physical entertainment expose the group to different customers, costs and cycles. A change in mobile-game engagement may not affect a sponsorship contract or a publisher-services business in the same way.
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Revenue scale and EBITDA contribution are different measures
The annual report’s split shows that the segment with more revenue is not automatically the segment producing more EBITDA contribution. Revenue may include pass-through media spending, lower-margin services or recently consolidated activities, while a smaller business can contribute a larger share of operating profit.
Acquisition and consolidation timing affects comparisons
When Nazara consolidates a business partway through a financial year, the reported group result includes only the months required by the accounting treatment. Comparing that partial period with a later full-year figure can produce a misleading growth rate unless the dates are aligned.
How to read Nazara’s numbers without mixing periods
- Identify the reporting period. FY 2024-25 means the year ended March 31, 2025. It is not a statement about a later quarter or the current financial year.
- Separate group totals from subsidiary examples. The ₹1,623.90 crore revenue and ₹184.10 crore EBITDA are consolidated group figures. Individual amounts for Kiddopia, Animal Jam or World Cricket Championship are business-review figures and should not be added together without checking scope and consolidation.
- Check the date basis. Curve Games’ cited revenue and EBITDA are for calendar year 2024, while the group reports on a March year-end. The report says Curve Games entered Nazara’s books from April 1, 2025.
- Read EBITDA qualifications. Segment EBITDA contribution is presented before unallocated corporate costs, so it is not the same as a fully allocated net-profit comparison.
- Use the investor financials index for newer periods. Nazara’s official financials page lists reporting periods after FY 2024-25. Any claim about the “latest” quarter requires checking the specific subsequent filing rather than carrying forward the annual-report figures.
What are the main business-model risks and trade-offs?
- Hit-driven demand: Mobile and premium games can depend on a small number of successful titles, updates or franchises.
- User retention: Subscription and in-app-purchase revenue requires people to keep returning and, in some cases, keep paying.
- Advertising cycles: Ad-funded games, sports sites and adtech services are exposed to advertiser budgets, pricing and inventory demand.
- Rights and sponsorship concentration: Esports and events can rely on contracts, calendars and commercial partners that may change between periods.
- Execution across different industries: Running learning apps, game publishing, live events, media sites and advertising infrastructure requires distinct capabilities.
- Accounting comparability: Newly acquired or consolidated businesses can make year-over-year comparisons difficult when they contribute for only part of a period.
These are business-model considerations, not a forecast of Nazara’s future results. The annual report provides the historical figures above; it does not establish how each risk will affect a later quarter.
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What businesses does Nazara own or operate?
The FY 2024-25 annual report names a portfolio that includes:
- Consumer games and learning: Kiddopia, Animal Jam, World Cricket Championship, Love Island, Big Brother, Ultimate Teen Patti, Crash Arena Turbo Stars and King of Thieves.
- PC and console publishing: Curve Games.
- Esports and events: NODWIN Gaming, Comic Con India and NH7 Weekender.
- Sports and digital media: Sportskeeda, Pro Football Network and Soap Central.
- Advertising technology and publisher services: Datawrkz and Space & Time.
- Offline entertainment: Funky Monkeys.
- Distribution and related activities: Nazara Telco Distribution and other businesses named in the Gaming segment.
Ownership, consolidation and operating responsibility can differ by subsidiary and by reporting date. The list is therefore best read as the portfolio described in the FY 2024-25 annual report, not as a guarantee that every brand has the same legal structure or revenue contribution today.
Is Nazara a game developer, publisher, media company or adtech company?
It is a combination of all four, plus an offline-entertainment operator. Nazara participates in development and operation of consumer games, publishes PC and console titles, runs or owns interests in esports and event properties, operates sports-media platforms and provides advertising technology and publisher services. The appropriate label depends on which subsidiary or segment is being discussed.
That mixed identity explains both the opportunity and the analytical challenge. The company can access several forms of digital entertainment spending, but its results cannot be understood by tracking only game downloads or only advertising revenue.
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No. They are the historical full-year figures for the year ended March 31, 2025. Nazara’s official investor materials list later quarterly reporting periods, so a reader seeking current performance must use the filing for the relevant quarter or financial year. The annual-report numbers in this guide should not be presented as FY 2026-27 quarterly results or as a current valuation measure.
Bottom line: what is Nazara’s revenue model?
Nazara is best understood as a diversified gaming and sports-media platform. Its Gaming segment earns from consumer spending, subscriptions, advertising, platform fees, premium PC/console sales and related publishing income. Its Others segment adds sponsorships, media rights, ticketing, sports-media advertising, adtech fees, publisher solutions and other services. The FY 2024-25 annual report demonstrates that this broader portfolio matters: the company generated ₹1,623.90 crore of consolidated revenue, while Gaming and Others had sharply different shares of revenue and EBITDA contribution. Anyone analyzing Nazara should therefore examine the individual businesses, monetization channel and reporting period rather than treating the group as a single mobile-game developer.
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