top of page

Nazara Technologies reveals two subsidiaries hold $7.75 million in Silicon Valley Bank

Indian digital gaming and sports platform Nazara Technologies has disclosed that two of its step-down subsidiaries hold a cumulative cash balance of $7.75 million at the troubled Silicon Valley Bank (SVB), which recently collapsed. Kiddopia Inc and Mediawrkz Inc, subsidiaries of Paper Boat Apps Private Limited and Datawrkz Business Solutions Private Limited respectively, are the affected Nazara subsidiaries. However, Nazara Technologies has stated that both subsidiaries remain well-capitalized, generate positive cash flows, and profitability, and expect no impact on their day-to-day operations, business performance, and growth plans due to the SVB event.

Kiddopia Inc is a 100 per cent subsidiary of Paper Boat Apps Private Limited, owned 51.5 per cent by Nazara, while Mediawrkz Inc is a 100 per cent subsidiary of Datawrkz Business Solutions Private Limited, owned 33% by Nazara.

Picture: Kumaon Jagran

The crisis at SVB has affected several Indian startups, with a majority of the founders having more than $250,000 with the bank. SVB was also a preferred personal banker for several ultra high-net-worth individuals (UHNWI) in the technology space. The collapse of the bank sent shockwaves across the Indian start-up community, given that a number of them are customers of the bank. The tech industry is the biggest customer of SVB, with a large number of Indian start-ups, especially in the SaaS (Software as a Service) sector that services US clients having accounts at the bank.

71 views0 comments
bottom of page