Nazara bolsters global gaming ambitions beyond mobile, buys UK's Curve Digital for ₹247 cr

Continuing with its investment spree across verticals to build a diverse portfolio, listed gaming company Nazara Technologies has entered into PC and console gaming in a big way by acquiring British PC and console games publisher Curve Digital Entertainment Ltd (Curve Games) for ₹247 crore (GBP 21.7 million).

Curve’s publishing capabilities in the PC and Console space and its portfolio are expected to accelerate Nazara’s ambitions and enable cross-platform IP development, with long-term value creation. This strategic move strengthens Nazara’s presence in gaming and is expected to unlock access to platforms, genres, and geographies in the $100 bn+ global PC and console gaming market.

The acquisition is consistent with Nazara’s business strategy of building a diverse portfolio of businesses through targeted acquisitions across interactive gaming and sports media.

Curve Games boasts of titles that have collectively seen over 100 million downloads, claims the company. Its presence spans key gaming markets including North America, Asia Pacific, and Europe. In calendar year 2024, Curve generated Rs 263.5 crore (~GBP 24.4 million) in revenue, EBITDA of Rs 114.4 crore (~GBP 10.6 million) and PBT of Rs 49.6 crore (~GBP 4.6 million).

"The acquisition is aligned with Nazara’s ongoing efforts to strengthen its global publishing capabilities, and follows a series of similar strategic transactions executed over the years, reaffirming Nazara’s commitment to long-term, value-driven growth through the gaming lifecycle," Nazara said in a statement.

Nitish Mittersain, CEO of Nazara Technologies, said Curve’s will give a boost to the company's focus beyond mobile into high-quality, cross-platform gaming. "This acquisition deepens our capabilities, brings exceptional IP into our fold, and strengthens our mission in building Nazara as a global gaming powerhouse from India. Curve will also serve as a gateway to the world for Indian game developers.”

Stuart Dinsey, Executive Chairman of Curve Games, said joining the Nazara family is an exciting new chapter. "Nazara’s ecosystem, access to emerging markets and long-term orientation make them a strong strategic partner. We are aligned in our vision of building a leading global indie publishing platform, and we look forward to the next phase of growth together.”

The London-based video game publisher focused on console and PC platforms, including PlayStation, Xbox, Steam, and Switch, and partners with third-party developers by offering financial support, technical assistance, and creative guidance, while also managing marketing, distribution, and post-release support across PC, consoles, and mobile devices.

Curve owns two development studios: Iron Oak (acquired in CY2020), known for its flagship title For The King, and Runner Duck (acquired in CY2019), creators of the Crew franchise. As of December 2024, Curve employed 55 people (33 in CDP, 18 in IOK, and 4 in RDL), along with 3 contractors. Its operations are primarily based out of the UK and Canada. Popular titles published by Curve Games include For the King Franchise, Bomber Crew, Human Fall Flat, Wobbly Life, Badlands Crew, Dungeons of Hinterberg, etc.

The development comes around a week after Nazara received the NCLT (National Company Law Tribunal) approval for the acquisition of experiential gaming and entertainment company Smaaash Entertainment via a corporate insolvency process for ₹126 crore.

Following the Tencent playbook in India, Nazara has made a series of acquisitions in the gaming space to solidify its position. However, Mittersain believes India lacks deep capital for gaming IPs, and a cultural ecosystem. The country is catching up fast, thanks to the success of mid-core and narrative titles, growing vernacular content, and government recognition, he told Fortune India. "We’re still 5-7 years away from creating a global-scale IP like Genshin Impact or Call of Duty, but the ecosystem is forming. Nazara’s goal is to help accelerate that process through capital, publishing, and strategic acquisitions. Nazara is well on its way to being the Tencent of India," he said.

Shares of Nazara are trading 2.14% up at ₹1,292.95 on the BSE today.