| | SEPTEMBER 20238SBI Mutual Fund is investing another Rs 410 crore in Nazara Technologies. According to a stock exchange filing on Sept 7, the investment will be routed into the listed gaming and media firm via three schemes of SBI Mutual Fund: SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund. The news comes just days after the company received a Rs 100 crore investment from Zerodha co-founder Nikhil Kamath.While SBI Multicap Fund is investing about Rs 200 crore into the company, SBI Magnum Global Fund and SBI Technology Opportunities Fund is investing about Rs 120 crore and Rs 90 crore respectively. In all, SBI Mutual Fund will hold 7.83percent stake in the gaming firm post the investment. The two tranches of fundraise is part of the planned Rs 750 crore investment that the company aims to garner.According to the company, a portion of the funds will be used to make strategic acquisitions. "India's largest domestic mutual fund investing in Nazara is an important milestone for us in this two-decade-long journey," said CEO Nitish Mittersain.In FY22, India's gaming market generated $2.6 billion in revenue, which is expected to rise to $8.6 billion by FY27. According to Lumikai, a gaming and interactive media focused venture fund, the industry's growth is being fueled by a rapidly growing gamer base, higher conversion to paid users, and the increasing sophistication of the Indian gamer. According to Sky Li, founder and global chief executive officer of Realme, the Chinese smartphone brand is looking to expand local manufacturing in India through contract manufacturers, many of which are domestic companies, as well as asking its global suppliers to set up shop in the country. According to Li, after achieving complete local manufacturing of smartphones and televisions, the company intends to fully localise production of hearables and wearables in India."In terms of manufacturing, we are attempting to build a strong manufacturing ecosystem throughout India." "We are also encouraging more of our suppliers and partners to establish local factories in India in order to contribute more to the country's economy," Li said.According to market researcher International Data Corporation (IDC), Chinese smartphone companies control more than 70percent of the Indian market. This comes amid geopolitical tensions between New Delhi and Beijing. As a result, India has imposed restrictions on investments from its neighbour.On June 13, it was reported that the Indian government had asked Chinese companies to source more from domestic firms, localise management and distribution structures, and even form potential joint ventures with Indian firms.Realme currently sources 60-70percent of its smartphone parts in India, such as screens and batteries. The company has collaborated with Bhagwati Electronics, Videotex International, and Skyworth on smart televisions. It has collaborated with KHY Electronics on smart wearables and hearables. SBI MUTUAL FUND INVESTS RS.410 CRORE, POST NITHIN KAMATH'S RS.100 CRORE INVESTMENTREALME TO BOOST ITS SMARTPHONE LOCALIZATIONIN FOCUSIN FOCUS
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