Great story, Arundhati!
I think the quote from the senior exec which calls Nazara a gaming VC is revealing. If Nazara is indeed seen through that lens, it makes the company an extremely risky bet. VC is, after all, a risky game to be in.
In the long term, founders of the acquired companies are bound to move on for greener pastures. And the quick-style gaming that Nazara is in is a shaky ground to be in to begin with. Users can get bored with a game and move on before you know it. Unless Nazara builds something in-house, or converts an acquisition into an in-house product, their model is bound to break sooner or later. The only shining light I see is that being debt free the company itself won't immediately die. Maybe just slowly wither away.
Also, there's a formatting error in this sentence - "Despite claiming to be the world’s largest cricket simulation game, " might want to fix.