Nazara Technologies Limited is a diversified gaming and sports-media company, not just a game developer. Its portfolio combines mobile and PC/console publishing, gamified learning, esports, sports media, advertising technology and offline entertainment. Those businesses sell through different channels, including in-app purchases, advertising, subscriptions, platform fees, premium game sales, sponsorships, media rights, ticketing and adtech services.
Nazara’s FY 2024-25 annual report, covering the year ended March 31, 2025, reported consolidated revenue of ₹1,623.90 crore and EBITDA of ₹184.10 crore. The report divides the group into Gaming and Others: Gaming supplied 32% of revenue but 56% of EBITDA, while Others supplied 68% of revenue and 44% of EBITDA. The EBITDA percentages are stated before unallocated corporate costs, and these are annual historical figures rather than current-quarter results.
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What is Nazara Technologies?
Nazara Technologies Limited is an India-based listed company whose businesses span interactive entertainment, learning, esports, sports publishing, advertising technology and physical entertainment venues. Nazara describes its platform as diversified across esports, gamified learning, freemium gaming and adtech. That description matters because the group’s revenue is not tied to one game, one audience or one payment method.
The company’s portfolio includes consumer apps such as Kiddopia and Animal Jam; mobile games such as World Cricket Championship and narrative titles based on Love Island and Big Brother; PC and console publishing through Curve Games; esports and gaming events through NODWIN Gaming and related properties; sports-media publishing through Sportskeeda; advertising and publisher services through Datawrkz; and indoor entertainment through Funky Monkeys.
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Nazara’s official company overview says it began in 1999, pioneered a content-led microtransaction model distributed through telecom operators, later expanded into freemium games, entered esports through NODWIN Gaming and moved into gamified early learning through Kiddopia. The company also describes itself as “India’s only listed gaming company.” That is Nazara’s own positioning, not an independently verified industry ranking.
Nitish Mittersain, identified by the company as CEO, Founder & MD, explains the origin story 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.”
How does Nazara Technologies make money?
Nazara earns money through several business models rather than a single “game sales” model. The exact mix depends on the subsidiary and product.
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- Platform and distribution: platform fees, telecom distribution and entry ticketing for selected experiences.
- PC and console publishing: digital game sales, publisher buyouts and ancillary income.
- Esports and sports media: brand sponsorships, media rights, advertising and event-related commercial arrangements.
- Adtech: programmatic advertising, digital media buying and planning, self-serve demand-side platform services, publisher bidding tools and traffic-management solutions.
- Offline entertainment: admission tickets and birthday-party bookings at indoor venues.
- Consumer accessories: direct-to-consumer accessories revenue is identified in the annual report, although the report does not specify a product range or current availability.
This structure allows Nazara to combine recurring consumer payments with advertising, business-to-business services, event income and publishing receipts. It also means revenue growth in one part of the group does not necessarily indicate the same trend in every subsidiary.
The two segments in Nazara’s annual report
For reporting purposes, the FY 2024-25 annual report groups the group into two broad segments: Gaming and Others. The comparison below uses the report’s annual percentages. EBITDA contribution is shown before unallocated corporate costs.
| Reportable segment | Share of FY 2024-25 revenue | Share of FY 2024-25 EBITDA | Main activities | Typical monetization |
|---|---|---|---|---|
| Gaming | 32% | 56% | Mobile games, gamified learning, PC/console publishing, selected distribution and entertainment properties | In-app purchases, advertising, subscriptions, platform fees, premium title sales and entry ticketing |
| Others | 68% | 44% | Esports, sports media, adtech, events and related services | Sponsorships, media rights, advertising, media services, publisher solutions and direct-to-consumer accessories revenue |
The segment mix shows why calling Nazara only a game developer is incomplete. Others generated the larger share of revenue in the reported year, while Gaming generated the larger share of EBITDA. The percentages are segment contributions, not standalone profit margins for each subsidiary, and they exclude unallocated corporate costs from the EBITDA comparison.
What businesses does Nazara own or operate?
Kiddopia: subscription-based early learning
Kiddopia provides gamified early-learning content for children aged two to seven. Its principal monetization model is subscription access rather than a one-time game purchase. Nazara’s business review reports FY 2024-25 revenue of ₹191.8 crore and EBITDA of ₹43.7 crore for Kiddopia.
The subscription approach gives Kiddopia a recurring-revenue characteristic, but it also makes retention, parental conversion and the continuing supply of age-appropriate content important to results. The figures are for the business review period in the FY 2024-25 annual report, not a current run rate.
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Animal Jam: learning and in-app purchases
Animal Jam targets children aged eight to 12 with a gamified learning and play experience. The report identifies in-app purchases and subscriptions as its main revenue mechanisms. It records FY 2024-25 revenue of ₹104.9 crore and EBITDA of ₹21.9 crore.
Unlike a premium game sold once, this model can earn from continuing player participation through virtual items, features or subscription access. Advertising and payment practices can differ by market and product setting; the annual report’s stated mechanisms are the basis for the description here.
World Cricket Championship: mobile sports gaming
World Cricket Championship is a mobile cricket franchise monetized through in-app purchases and advertising. Nazara’s business review reports FY 2024-25 revenue of ₹22.2 crore and EBITDA of ₹1.8 crore.
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Its economics illustrate how a free-to-play sports game can combine player spending with ad inventory. Revenue can therefore come from both users who buy digital content and users who play without paying but generate advertising opportunities.
Love Island and Big Brother: narrative mobile games
Love Island and Big Brother are narrative mobile games built around licensed entertainment properties. The report identifies in-app purchases and advertising as their monetization channels and reports ₹161.7 crore of revenue for the FY 2024-25 consolidation period.
The period needs a qualification: the report says Fusebox was consolidated from August 22, 2024. Therefore, ₹161.7 crore should not be read as a full twelve-month contribution from those properties to Nazara’s financial year. It is the amount reported for the consolidation period covered by the business review.
Curve Games: PC and console publishing
Curve Games is a PC and console publisher. Its revenue mechanisms are digital sales, publisher buyouts and ancillary income, which differ from the recurring in-app purchase model used by many mobile titles.
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Funky Monkeys: indoor children’s entertainment
Funky Monkeys operates indoor children’s entertainment venues. It earns from admission ticketing and birthday-party bookings, giving Nazara exposure to physical, location-based entertainment in addition to digital products.
The report records revenue of ₹17.0 crore and EBITDA of ₹7.3 crore, while noting that Nazara consolidated the business from March 1, 2025. Those numbers therefore represent the reported consolidation period and not a full year of ownership.
NODWIN Gaming and esports properties
NODWIN Gaming is identified by Nazara as a major esports business. Esports economics can include tournament and event sponsorships, media rights, advertising, partnerships and related production or distribution services. The annual report places these activities within the wider Others segment and does not imply that every revenue mechanism applies identically to every NODWIN subsidiary or property.
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Esports revenue is often event- and partnership-driven. A sponsorship contract, a media-rights agreement and a ticketed event can have different timing and margin characteristics, so a single quarter may not represent a normal annual pattern.
Sportskeeda and sports-media publishing
Sportskeeda is described as a sports-media platform. Its commercial model connects audience reach with advertising, media partnerships and related digital publishing services. The Others segment also names Pro Football Network and Soap Central, showing that the group’s media portfolio is broader than gaming coverage alone.
Datawrkz and adtech services
Datawrkz contributes advertising-technology and media 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.
In this model, Nazara can earn from helping advertisers purchase and optimize digital inventory, while also providing tools or services to publishers seeking to improve monetization and traffic operations. These are business-to-business services rather than consumer game purchases, which helps explain the scale of the Others segment.
Other named properties
The Gaming segment’s examples also include Funky Monkeys, Ultimate Teen Patti, PokerBaazi, Crash Arena Turbo Stars, King of Thieves, Curve Games and Nazara Telco Distribution. The Others segment names NODWIN, Comic Con India, NH7 Weekender, Sportskeeda, Pro Football Network, Soap Central, Datawrkz and Space & Time.
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Being listed in the annual report’s portfolio discussion does not mean that every property uses the same revenue formula. A mobile title may depend on virtual-item purchases and ads, an event brand on sponsorship and ticketing, and an adtech operation on service fees or media spend. The group-level model is diversified precisely because these businesses monetize different audiences and transactions.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Nazara’s FY 2024-25 financial picture
The following figures come from Nazara Technologies Limited’s 26th Annual Report 2024-25 for the year ended March 31, 2025.
| Metric | Reported figure | How to read it |
|---|---|---|
| Consolidated revenue | ₹1,623.90 crore | Group revenue for FY 2024-25 |
| Consolidated EBITDA | ₹184.10 crore | Reported before unallocated corporate costs |
| EBITDA margin | 11.30% | Annual consolidated margin reported by Nazara |
| Gaming revenue share | 32% | Segment contribution for FY 2024-25 |
| Gaming EBITDA share | 56% | Before unallocated corporate costs |
| Others revenue share | 68% | Segment contribution for FY 2024-25 |
| Others EBITDA share | 44% | Before unallocated corporate costs |
| Revenue growth | 43% | FY 2024-25 compared with FY 2023-24, as reported by Nazara |
| Cash position | ₹665.4 crore | Cash reported as of March 31, 2025 |
These are company-reported historical results. They should not be described as the latest quarterly performance. Nazara’s official financials index lists later reporting periods, which require separate period-specific verification before making a current-results claim.
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The FY 2024-25 split—32% of revenue but 56% of EBITDA for Gaming—indicates that the Gaming segment contributed more of the reported operating earnings relative to its revenue share. The annual report does not turn that observation into one uniform margin for every gaming business, and the subsidiaries have different cost structures.
Several mechanisms can help explain the mix without assuming identical economics. Subscription apps can generate recurring payments after content is developed; established mobile franchises can sell digital items repeatedly; and a successful PC/console title can produce high-value digital sales or buyout income. By contrast, Others includes media buying, advertising, events and sponsorships, where revenue may pass through larger third-party media costs or fluctuate with contracts and event calendars.
The correct conclusion is comparative, not absolute: in that reported year, Gaming produced the larger share of segment EBITDA, while Others produced the larger share of revenue. The percentages are before unallocated corporate costs and do not prove that every Gaming subsidiary is more profitable than every Others business.
What makes Nazara’s model different from a single game studio?
A single game studio typically depends on a small number of titles and one or two monetization methods. Nazara combines:
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problems- Different audiences: young children and parents, mobile sports players, narrative-game fans, PC/console players, esports fans, sports readers, advertisers and event visitors.
- Different payment relationships: consumer subscriptions, virtual-item purchases, ad impressions, premium game transactions, sponsorship contracts, media-rights agreements, service revenue and venue tickets.
- Different distribution channels: app stores, PC and console storefronts, telecom distribution, websites, live events and physical venues.
- Different timing patterns: recurring subscriptions, continuous ad sales, launch-driven game revenue, event-based sponsorships and contract-based media income.
This diversification can reduce dependence on one title, but it also makes the company harder to evaluate than a pure-play developer. Investors and readers must look at segment mix, acquisition and consolidation dates, recurring versus one-time income, and the different cost structures behind reported EBITDA.
How to interpret Nazara’s reported numbers correctly
Separate annual results from current performance
₹1,623.90 crore revenue, ₹184.10 crore EBITDA, the 11.30% margin, the 43% growth rate and the ₹665.4 crore cash position all refer to the reporting framework and dates specified above. They are not substitutes for a later quarterly result.
Check consolidation dates
Fusebox, associated with Love Island and Big Brother, was consolidated from August 22, 2024. Funky Monkeys was consolidated from March 1, 2025. Curve Games was consolidated into Nazara’s books from April 1, 2025, while the report gives its operating figures for calendar year 2024. These dates affect how much of a business appears in a particular period.
Do not treat segment percentages as margins
Gaming’s 56% and Others’ 44% are shares of EBITDA contribution before unallocated corporate costs. Gaming’s 32% and Others’ 68% are shares of revenue. Neither pair is a segment EBITDA margin.
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Distinguish company claims from independent facts
Nazara’s history, positioning as a diversified gaming and sports-media platform, and description as India’s only listed gaming company come from its official company materials. They should be read as the company’s stated positioning. The annual-report financial figures are also company-reported figures; no independent validation is implied here.
Is Nazara primarily a gaming company or a media company?
It is both, with the answer depending on the measure. Gaming is the smaller of the two reportable segments by FY 2024-25 revenue share but the larger by EBITDA contribution. Others includes esports, sports media, adtech and events and generated 68% of reported revenue. Describing Nazara as a diversified gaming and sports-media group is more accurate than choosing only one label.
What should a reader remember?
Nazara’s revenue model is a portfolio of models. Kiddopia and Animal Jam show subscriptions and in-app purchases; World Cricket Championship combines purchases with ads; Love Island and Big Brother add narrative mobile games and licensed brands; Curve Games represents PC/console publishing; NODWIN and related properties bring sponsorship and media-rights economics; Sportskeeda represents sports media; Datawrkz provides adtech and publisher services; and Funky Monkeys adds ticketed offline entertainment.
The FY 2024-25 annual report makes the central point measurable: revenue was ₹1,623.90 crore, EBITDA was ₹184.10 crore and the group reported 43% revenue growth over FY 2023-24. Gaming represented 32% of revenue and 56% of EBITDA, while Others represented 68% of revenue and 44% of EBITDA, with EBITDA contributions stated before unallocated corporate costs. For any claim about later quarters, consult the specific later filing rather than extending these annual figures forward.
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