"Smaaash is coming back": Nazara Technologies acquires Smaaash Entertainment for Rs 126 crore

New Delhi: Gaming conglomerate, Nazara Technologies, has completed the acquisition of Smaaash Entertainment for a total of Rs 126 crore making the insolvency ridden sports entertainment entity as a wholly owned subsidiary of Nazara Technologies. 

Nazara acquired Smaaash as part of the resolution plan approved by the Mumbai bench of the National Company Law Tribunal (NCLT). 

Nitish Mittersain, CEO, Nazara Technologies, took to LinkedIn and wrote, “Smaaash is coming back.” 

He added, “Over the years, Smaaash created a unique space at the intersection of sport, technology, and social play. Many of us have personal memories of playing there - whether bowling with friends, batting against virtual bowlers, or experiencing early VR. This isn’t just a nod to the past. It’s a step toward building the future of experiential gaming in India via an iconic brand.” 

According to Mittersain, Nazara Group, with the acquisition, plans to “reimagine the Smaaash experience for today’s audience” by integrating digital IPs and technologies from across its expansive network. The company also plans to expand Smaaash into new formats and geographies, tapping into emerging consumer trends and entertainment preferences. 

Additionally, Nazara is exploring collaborations with partners across content, retail, gaming, and live events to enhance the overall offering and create a more immersive and diversified entertainment ecosystem.

Nazara had bagged the approval from NCLT in May 2025. This came after NCLT had commenced insolvency proceedings against Smaaash in May 2022 following the dues owed by the startup to the likes of Yes Bank, SIDBI, and Edelweiss ARC.

Nazara has infused Rs 10 crore in equity and has extended an unsecured inter-corporare loan of Rs 116 crore to settle Smaaash’s outstanding creditor dues. The loan is intended for settling obligations under the approved resolution plan, formulated as part of Smaaash’s corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. 

The company announced that 1 crore equity shares of Rs 10 each were allotted to Nazara against the subscription amount of Rs 10 crore, thereby granting it complete ownership of Smaaash.

In the exchange filing, the company wrote, “The said acquisition of Smaaash does not fall within the purview of related party transactions and the promoter / promoter group / group companies of the Company do not have any interest in Smaaash.”

The company further noted that the acquisition will serve “as an investment in the Gaming sector allowing the inorganic growth of the Nazara Group.”

Smaaash was engaged in the business of gaming and entertainment, operating various entertainment centres with main themes such as bowling and go-karting, along with ancillary games and attractions. Its key revenue segments included Gaming, Food & Beverages, Events, and Sponsorship. The company had a presence in 11 centres across various cities in India, all operated under the brand name ‘SMAAASH’.