Nazara Technologies’ two step down subsidiaries -- Kiddopia Inc and Mediawrkz Inc are holding cash balances at Silicon Valley Bank (SVB), which is currently under the receivership of the Federal Deposit Insurance Corporation (FDIC). The balances held at SVB by Kiddopia Inc. and Mediawrkz Inc cumulatively account for $7.75 million (around Rs 64 crore).
Kiddopia Inc is a 100% subsidiary of Paper Boat Apps (owned 51.5% by Nazara) & Mediawrkz Inc is a 100% subsidiary of Datawrkz Business Solutions (owned 33% by Nazara).
Further, Nazara Group (Nazara Technologies and its subsidiaries) continues to maintain healthy reserves of cash and cash equivalents in excess of Rs 600 crore excluding the SVB impacted funds. The situation with SVB remains fluid and the company shall keep all the stakeholders and public at large updated on further developments.
Nazara Technologies is one of the leading mobile games company and it is engaged in acquisition of, value addition and distribution, of mobile games across emerging markets such as India, Middle East, Africa, South East Asia and Latin America.
