Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>Nazara Technologies UK Limited has signed definitive agreements to acquire a 50% controlling stake in Bluetil. and BestPlay for $100.3 Mn with performance-linked up to $98.2 Mn through 2030.</li>
<li>The AI-native development stack is the real strategic differentiator, but casual gaming's hit-driven volatility means the structure's downside protection may get tested sooner than management hopes.</li>
<li>The deal's earn-out is nearly as large as the upfront payment — the investment thesis rests entirely on CY27-29 execution. Funding the acquisition remains a concern and potential dilution.</li>
</ul>


Nazara Technologies UK Limited has signed definitive agreements to acquire a 50% controlling stake in Bluetil. and BestPlay for $100.3 Mn with performance-linked up to $98.2 Mn through 2030.
The AI-native development stack is the real strategic differentiator, but casual gaming's hit-driven volatility means the structure's downside protection may get tested sooner than management hopes.
The deal's earn-out is nearly as large as the upfront payment — the investment thesis rests entirely on CY27-29 execution. Funding the acquisition remains a concern and potential dilution.


Nazara's $200M Bet on AI-Native Gaming: Dissecting the Bluetile & BestPlay Acquisition

Thematic (Sector/Industry)

<ul>
<li>The Lok Sabha has passed the "<strong>Promotion and Regulation of Online Gaming Bill, 2025</strong>," which imposes a blanket ban on all online games involving money, regardless of skill or chance.</li>
<li>This legislation, combined with the earlier 28% GST on the full face value, signals a clear stance against the RMG sector, A INR 2 lakh crore industry.</li>
<li>The regulatory and tax changes have put the future of India's real money gaming industry at a critical stage, forcing companies to pivot or face potential collapse.</li>
</ul>


The Lok Sabha has passed the "Promotion and Regulation of Online Gaming Bill, 2025," which imposes a blanket ban on all online games involving money, regardless of skill or chance.
This legislation, combined with the earlier 28% GST on the full face value, signals a clear stance against the RMG sector, A INR 2 lakh crore industry.
The regulatory and tax changes have put the future of India's real money gaming industry at a critical stage, forcing companies to pivot or face potential collapse.


GAME OVER: Inside India’s Real Money Gaming Ban

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Adani Group plans to enter the cables and wires segment, eyeing acquisitions worth $500-700 million.</li>
<li>
<a href="https://www.smartkarma.com/entities/piramal-pharma-limited" target="_blank" data-smartkarma-citation="entities:36631:1" rel="noopener">Piramal Pharma (PIRPHARM IN)</a> aims $2B revenue by FY30, betting on CDMO growth, complex generics scale-up, and expanding consumer brands portfolio.</li>
<li>World Bank to invest $500 million in India’s climate-resilient rural housing, supporting sustainability, innovation, and inclusive growth under PMAY-G.</li>
</ul>


Adani Group plans to enter the cables and wires segment, eyeing acquisitions worth $500-700 million.

Piramal Pharma (PIRPHARM IN) aims $2B revenue by FY30, betting on CDMO growth, complex generics scale-up, and expanding consumer brands portfolio.
World Bank to invest $500 million in India’s climate-resilient rural housing, supporting sustainability, innovation, and inclusive growth under PMAY-G.


#124 India Insight: Adani Eyes Cables, Piramal Targets $2B, World Bank Backs Rural Homes

<ul>
<li>Adani plans to raise Rs 40,000 crore via NCDs from retail investors, diversifying funding sources.</li>
<li>Reliance secures 10 GWh battery storage under India’s PLI scheme, advancing clean energy goals.</li>
<li>Nazara partners with Telangana to launch an AI Centre, driving innovation in gaming and emerging tech.</li>
</ul>


Adani plans to raise Rs 40,000 crore via NCDs from retail investors, diversifying funding sources.
Reliance secures 10 GWh battery storage under India’s PLI scheme, advancing clean energy goals.
Nazara partners with Telangana to launch an AI Centre, driving innovation in gaming and emerging tech.


# 56 India Insight: HDB Targets IPO $9 Billion, Reliance PLI for 10GWh Battery Storage, Nazara AI

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

SAI Life Sciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
In this note, we will talk about the lockup dynamics and possible placement.


Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

India

Nazara Technologies is an Indian diversified gaming and sports media platform with a global presence. It specializes in mobile games, esports, and gamified early learning, offering a broad spectrum of gaming content and solutions. The company was founded in 1999 and is headquartered in Mumbai, India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nazara Technologies (NAZARA IN)

Nazara's $200M Bet on AI-Native Gaming: Dissecting the Bluetile & BestPlay Acquisition

Nazara Technologies UK Limited acquires 50% stake in Bluetil and BestPlay for $100.3 Mn. The deal's success hinges on AI-native development stack,...

Nimish Maheshwari

GAME OVER: Inside India’s Real Money Gaming Ban

The Lok Sabha passes bill banning online games involving money, threatening India's INR 2 lakh crore real money gaming industry.

Nimish Maheshwari

#124 India Insight: Adani Eyes Cables, Piramal Targets $2B, World Bank Backs Rural Homes

Adani Group eyes $500-700 million acquisitions in cables/wires, Piramal Pharma targets $2B revenue by FY30, World Bank invests $500 million in...

Sudarshan Bhandari

# 56 India Insight: HDB Targets IPO $9 Billion, Reliance PLI for 10GWh Battery Storage, Nazara AI

Adani, Reliance, and Nazara make strategic moves to raise funds, advance clean energy goals, and drive innovation in gaming and emerging tech.

Sudarshan Bhandari

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

TPG Asia has launched an INR26.4bn (US$302m) cleanup block (14.7% stake) in Sai Life Sciences at a floor price of INR860/share, a 5.2% discount to...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nazara's $200M Bet on AI-Native Gaming: Dissecting the Bluetile & BestPlay Acquisition

​Nazara Technologies UK Limited acquires 50% stake in Bluetil and BestPlay for $100.3 Mn. The deal's success hinges on AI-native development stack,...

Nimish Maheshwari

GAME OVER: Inside India’s Real Money Gaming Ban

​The Lok Sabha passes bill banning online games involving money, threatening India's INR 2 lakh crore real money gaming industry.

Nimish Maheshwari

#124 India Insight: Adani Eyes Cables, Piramal Targets $2B, World Bank Backs Rural Homes

​Adani Group eyes $500-700 million acquisitions in cables/wires, Piramal Pharma targets $2B revenue by FY30, World Bank invests $500 million in...

Sudarshan Bhandari

# 56 India Insight: HDB Targets IPO $9 Billion, Reliance PLI for 10GWh Battery Storage, Nazara AI

​Adani, Reliance, and Nazara make strategic moves to raise funds, advance clean energy goals, and drive innovation in gaming and emerging tech.

Sudarshan Bhandari

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

TPG Asia has launched an INR26.4bn (US$302m) cleanup block (14.7% stake) in Sai Life Sciences at a floor price of INR860/share, a 5.2% discount to...

Akshat Shah

Nazara Technologies UK Limited acquires 50% stake in Bluetil and BestPlay for $100.3 Mn. The deal's success hinges on AI-native development stack,...

The Lok Sabha passes bill banning online games involving money, threatening India's INR 2 lakh crore real money gaming industry.

Adani Group eyes $500-700 million acquisitions in cables/wires, Piramal Pharma targets $2B revenue by FY30, World Bank invests $500 million in...

Adani, Reliance, and Nazara make strategic moves to raise funds, advance clean energy goals, and drive innovation in gaming and emerging tech.