New Delhi, Feb. 26 -- Mumbai: Most 'dotcoms' from the '90s died in the 2000 bust. Not Nazara Technologies. It started out selling cricket games, wallpapers and other mobile content in the 2000s, but is now best known as India's lone listed gaming company.

Yet, it is hard to determine how to value the 25-year-old company. Is it a gaming firm? Its subsidiaries span everything from sports blogging to (more recently) outdoor kids' play areas. Some liken it to a tech-focused holding company, such as InfoEdge, with stakes in multiple internet businesses, including Zomato and insurance aggregator Policybazaar.

But, Nazara's co-founder and joint managing director Nitish Mittersain is firm on becoming the "emerging Tencent of India". In an exclu...