Nikhil Kamath Stock Jumps After Acquiring 50% Stake in Bluetile Games and BestPlay

Synopsis: Nazara Technologies acquires a 50% controlling stake in Bluetile Games and BestPlay for ~$918 crore, strengthening its AI-driven global gaming platform with 375M downloads, 24.2M monthly users, and robust revenue and growth potential.

The shares of this company are the leading India-based diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America are in the spotlight after it acquired a controlling stake in social gaming platform Bluetile and BestPlay for USD 100.3 million.

With a market capitalisation of Rs. 9,294 cr, the shares of Nazara Technologies Ltd were trading at Rs. 251 per share, increasing 2% in today’s market session, making a high of Rs. 260, up from its previous close of Rs. 255.15 per share. Nikhil Kamath owns a 3.51% stake, comprising 1.62% via Kamath Associates and 1.89% stake through NKsquared. 

Nazara Acquires Controlling Stake in Bluetile and BestPlay

Nazara Technologies Limited announced that its wholly owned subsidiary, Nazara Technologies UK Limited, has signed definitive agreements to acquire a 50% controlling stake in Bluetile Games S.L. (formerly Playvalve S.L.) and BestPlay Systems S.L. for USD 100.3 million (~Rs. 918 crores). This strategic acquisition positions Nazara at the forefront of AI-driven gaming, combining content, engagement, and distribution into an integrated platform.

Transaction Structure

Nazara UK will initially acquire a 50% controlling stake in both Bluetile and BestPlay. The company also holds a call option, and the sellers hold a put option, to acquire or sell the remaining ~50% stake by 2028 at a valuation based on 6.6x trailing calendar year EBITDA.

The deal includes performance-linked earn-outs, with an estimated payout of USD 98.2 million (~Rs. 898 crores) contingent on achieving revenue and EBITDA targets for CY2027–2029, payable annually from 2028 to 2030. This structure aligns consideration with future performance while significantly de-risking the acquisition for Nazara. 

A substantial portion of the future contingent consideration is expected to be funded through Bluetile and BestPlay’s operating cash flows, with up to 25% of each instalment payable in listed equity at Nazara’s discretion.

Business Overview

Bluetile Games operates a diversified portfolio of globally popular casual and social mobile games, including titles such as Yatzy, Domino Legends, Mahjong Voyage, and Spade Stars. The platform has reached nearly 375 million downloads and 22 million monthly active users across 17 live games worldwide.

BestPlay is the in-house rewarded engagement platform, adding an additional 2.2 million monthly active users and functions as a built-in player acquisition, retention, and cross-promotion engine across Bluetile’s game portfolio. 

Together, these platforms create a scalable and resilient gaming ecosystem supported by AI-powered optimisation, live operations, and rapid development cycles. The company is led by founder Raymond Stauffer, an MIT alumnus and former Google executive, alongside a senior leadership team with experience at Zynga, King, Voodoo, Moonactive, and Meta.

Financials

For the twelve months ended December 2025 (CY25), Bluetile and BestPlay reported a combined revenue of USD 153.6 million (~Rs. 1,405 crores) and EBITDA of USD 27.7 million (~Rs. 254 crores). The business has demonstrated strong growth over the past three years, scaling both revenue and profitability through the expansion of its game portfolio and disciplined execution in global markets.

Management Commentary 

Nitish Mittersain, CEO of Nazara Technologies, said the acquisition of Bluetile and BestPlay strengthens Nazara’s global gaming platform by combining game development, player engagement, and distribution. He highlighted that Bluetile’s AI-driven operations provide a competitive advantage across development, marketing, and live operations, and welcomed Raymond Stauffer and his team to Nazara.

Raymond Stauffer, General Manager of Bluetile Games, stated that joining Nazara is a natural step, enabling Bluetile to scale games faster, operate efficiently, and maximise monetisation. He added that Nazara’s global reach, capital, and strategic expertise will accelerate growth and expand its portfolio worldwide.

Nazara Technologies is India’s only publicly listed gaming company. Its key businesses include Curve Games, Kiddopia, Animal Jam, Fusebox Games (Love Island, Big Brother, Bigg Boss), World cricket Championship and Sportskeeda, along with offline gaming businesses such as Funky Monkeys and Smaaash Entertainment. 

It reported mixed financial results for Q3FY26. Revenue declined 24% year-on-year to Rs. 406 cr from Rs. 535 cr in Q3FY25, reflecting slower top-line growth. EBITDA surged 84% to Rs. 67.7 cr, reversing a loss of Rs. 164 cr in Q2FY26, showing improved operational efficiency. Net profit fell 35% to Rs. 8.84 cr, down from Rs. 13.7 cr a year ago, and EPS dropped 70% to Rs. 0.27 from Rs. 0.90.

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