{"id":46867,"date":"2024-10-22T17:45:48","date_gmt":"2024-10-22T12:15:48","guid":{"rendered":"https:\/\/www.equentis.com\/blog\/?p=46867"},"modified":"2025-04-08T19:06:31","modified_gmt":"2025-04-08T13:36:31","slug":"kamaths-invest-100-cr-in-nazara-tech-targeting-66000-cr-gaming-market","status":"publish","type":"post","link":"https:\/\/www.equentis.com\/blog\/kamaths-invest-100-cr-in-nazara-tech-targeting-66000-cr-gaming-market\/","title":{"rendered":"Kamath Brothers Invest \u20b9100 cr in Nazara Tech, Targeting India\u2019s \u20b966,000 cr Gaming Market"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\n<p><\/p>\n\n\n\n<p>The Kamath brothers, founders of Zerodha, are known not just for running one of India&#8217;s top brokerage platforms but also for their varied investment choices. Their latest big move? They&#8217;ve invested Rs. 100 crores in Nazara Technologies, a gaming company set to ride the wave of India\u2019s booming gaming scene. With 450 million gamers and a rapidly expanding market, Kamath is betting on the future of gaming.<\/p>\n\n\n\n<p>Through his investment firm, Kamath Associates &amp; NK Squared, he purchased \u20b9100 crore worth of shares in Nazara Tech at \u20b9714 per share. In this article, we\u2019ll explore why Kamath chose Nazara and the growth of the gaming industry in India. <\/p>\n\n\n\n<p>Per PWC\u2019s <a href=\"https:\/\/www.equentis.com\/blog\/key-global-events-that-can-influence-the-stock-market-this-week-3\/\">Global<\/a> Entertainment and Media Outlook, the Indian online gaming market is projected to grow at a compound annual growth rate (<a href=\"https:\/\/www.equentis.com\/blog\/what-is-cagr-compound-annual-growth-rate-meaning-formula\/\">CAGR<\/a>) of 14.5%, doubling from \u20b933,000 crore in 2023 to \u20b966,000 crore by 2028. <a href=\"Source: Mint\">Source: Mint<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXchAw0_7ONY-WFRvirWS-Rypj2cFNhJRybC2UoYBXga-i1iFl5NWkuR10MuIkm-LQ7Qcp0T6DUYhoCZP7VeK9qlLajAmmkJ7WuOLIlDtsd2zSHSNMUq4mudtbHyNc8Qv2vnpPDKbmRORvs2umhoLxMaphw?key=q3RSseVByVy5CcJs8xaQcQ\" alt=\"\" style=\"width:548px;height:auto\" title=\"Chart\"><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/www.livemint.com\/market\/gaming-stocks-delta-corp-nazara-technologies-nikhil-kamath-investments-tech-india-games-esports-11729487610185.html\" target=\"_blank\" rel=\"noopener\">Mint<\/a><\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\"><strong>Nikhil Kamath\u2019s Vision for the Gaming Sector<\/strong><\/h2>\n\n\n\n<p>Before we discuss the growth of the gaming industry, let\u2019s examine some interesting facts about Nikhil Kamath. His story is truly inspiring. Starting with just \u20b9 $8,000 at a call center, he built a fortune of $3.07 billion. As the co-founder of Zerodha, Kamath changed the brokerage industry with a zero-brokerage model, similar to how Jio transformed the telecom industry.<\/p>\n\n\n\n<p>His belief in India&#8217;s rising consumption power has fueled his <a href=\"https:\/\/www.equentis.com\/blog\/mukul-agrawal-portfolio-shareholdings-investments-all-you-need-to-know\/\">investments<\/a> in companies that cater to growing Indian consumer demands. One of the most prominent examples is Kamath\u2019s backing of Nazara Technologies, a leading name in Indian esports and gaming. He views Nazara Technologies as a key player in the gaming industry, which holds a unique position as one of India&#8217;s few listed gaming entities.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\"><strong>Why Did Kamath Place Big Bets on Nazara?<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Established Gaming Leader:<\/strong> Founded in 1999, Nazara has grown into India&#8217;s leading gaming and sports media company, driven by its mergers and acquisitions strategy.<\/li>\n\n\n\n<li><strong>Diversified Revenue Streams:<\/strong> Nazara&#8217;s portfolio is well-diversified, including popular brands like Kiddopia, Sportskeeda, and Nodwin. In FY24, gaming accounted for 36% of its revenue, with 55% coming from esports and 9% from ad tech.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Impact of GST Changes:<\/strong> Nazara&#8217;s shares dropped but quickly recovered, as the Real Money Gaming (RMG) segment minimally contributed to the company\u2019s overall revenue after the announcement of GST changes.<\/li>\n\n\n\n<li><strong>Cautious Expansion Approach:<\/strong> Due to ongoing regulatory uncertainties, the company took a cautious approach to expanding in the RMG segment.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\"><strong>Why the Gaming Industry?<\/strong><\/h2>\n\n\n\n<p>India&#8217;s gaming industry has witnessed an exponential rise in recent years, with mobile gaming and esports leading the way. According to Kamath, the country\u2019s increasing digital penetration and improved internet infrastructure have created a favorable environment for gaming companies to flourish. Moreover, with the younger population embracing esports and mobile games, the sector is expected to grow even further.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Enormous Potential in Gaming<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Kamath&#8217;s View on Gaming:<\/strong> Nikhil Kamath believes the gaming industry, particularly esports, has huge potential and could become the next big thing in India.<\/li>\n\n\n\n<li><strong>Global Market Insights:<\/strong> On X (formerly Twitter), Kamath highlighted that the worldwide gaming market was worth $159.3 billion in 2020, nearly triple the $60.8 billion market of the film and music industries combined.<\/li>\n\n\n\n<li><strong>India&#8217;s Gaming Landscape:<\/strong> With 45 crore gamers, including 18 lakh esports enthusiasts, India has become a major player in the gaming world. The online gaming community is growing at an impressive 10% CAGR annually. Projections indicate that by 2028, India will surpass China with 720 million gamers.<\/li>\n\n\n\n<li><strong>Growth Potential:<\/strong> EY\u2019s New Frontiers report indicates India&#8217;s gaming penetration is at 30%, which lags behind other countries like the USA (56%), China (53%), and Japan (83%), revealing immense room for expansion.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><strong>Young and Tech-Savvy Population<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Demographic Advantage:<\/strong> According to the India Brand Equity Foundation (IBEF), India is the youngest country in the world, with 45% of its population\u2014over 60 crore people\u2014under the age of 35. This youthful and tech-savvy demographic is a significant growth driver for the gaming industry.<\/li>\n\n\n\n<li><strong>Internet Usage Trends:<\/strong> Gaming made up 53% of internet usage in 2023, following <a href=\"https:\/\/www.equentis.com\/blog\/indias-ott-boom-836-5-bn-market-by-2032-driving-50-of-new-video-revenue\/\">OTT<\/a> platforms, communication, and social media. The rising smartphone users, expected to exceed 1 billion by 2025, will further boost gaming growth.<\/li>\n<\/ul>\n\n\n\n<p>Source: <a href=\"https:\/\/www.livemint.com\/market\/gaming-stocks-delta-corp-nazara-technologies-nikhil-kamath-investments-tech-india-games-esports-11729487610185.html\" target=\"_blank\" rel=\"noopener\">Mint<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\"><strong>Economic Growth and Revenue Opportunities<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Rising Income Levels:<\/strong> As India transitions from a low-income to a middle-income nation, its per capita income is projected to exceed $26,000 by 2047, a dramatic rise from the current $2,484.<\/li>\n\n\n\n<li><strong>Revenue from In-App Purchases:<\/strong> Economic growth will likely lead to increased spending on in-app purchases, which currently account for 70% of mobile gaming revenue. This growth will drive revenue from free-to-play games through ads, subscriptions, and sponsorships.<\/li>\n<\/ul>\n\n\n\n<p>Source: <a href=\"https:\/\/www.livemint.com\/market\/gaming-stocks-delta-corp-nazara-technologies-nikhil-kamath-investments-tech-india-games-esports-11729487610185.html\" target=\"_blank\" rel=\"noopener\">Mint<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Financial Analysis of Nazara Technologies<\/strong><\/h3>\n\n\n\n<p>Nazara Technologies has positioned itself as a leader in the space by building a diverse portfolio across gaming, esports, and edutainment. The company\u2019s growth trajectory and strong foothold in emerging markets made it a perfect fit for Kamath\u2019s investment philosophy, which seeks to tap into industries with high potential for consumer spending.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\" rowspan=\"2\"><strong>Market Cap as of 22.10.24 <br>(In Cr)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\" colspan=\"2\"><strong>Revenue<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\" colspan=\"2\"><strong>Net Profit<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\" rowspan=\"2\"><strong><a href=\"https:\/\/www.equentis.com\/stocks-screener\">Stock Price<\/a> CAGR (1Yr)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\" rowspan=\"2\"><strong>PE Ratio<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>March 2024<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>March 2023<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>March 2024<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>March 2023<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Rs. 6647<\/td><td class=\"has-text-align-center\" data-align=\"center\">1138<\/td><td class=\"has-text-align-center\" data-align=\"center\">1091<\/td><td class=\"has-text-align-center\" data-align=\"center\">75<\/td><td class=\"has-text-align-center\" data-align=\"center\">61<\/td><td>15%<\/td><td>79.6<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/www.screener.in\/company\/NAZARA\/consolidated\/\" target=\"_blank\" rel=\"noopener\">Screener. in<\/a><\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>Nazara has experienced slow growth over the past year, with revenue rising slightly from \u20b91,091 crore in FY23 to \u20b91,138 crore in FY24. Although revenue remained flat due to cost control measures, the company increased its net profit from \u20b961 crore to \u20b975 crore, registering a 20% growth.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><strong>Merger &amp; Acquisitions<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Nazara has actively pursued mergers and acquisitions, spending over \u20b91,800 crore in the last six months, which could potentially double its revenue within two years.<\/li>\n\n\n\n<li>Recent acquisitions include Comic Con India, which hosts events related to popular culture, such as comics, cosplay, movies, merchandise, and gaming. The company has also acquired Publish. Me, Fusebox, Ninja, Freaks4U (investment), and Branded.<\/li>\n\n\n\n<li>In addition, Nazara launched its publishing division, \u201cNazara Publishing,\u201d which promotes games developed by Indian creators. The company plans to release up to 20 games across mobile, web3, virtual reality (VR), and personal computers (PC) by mid-2025.<\/li>\n<\/ul>\n\n\n\n<p>Source: <a href=\"https:\/\/www.livemint.com\/market\/gaming-stocks-delta-corp-nazara-technologies-nikhil-kamath-investments-tech-india-games-esports-11729487610185.html\" target=\"_blank\" rel=\"noopener\">Mint<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><strong>Strategic Alignment: Zerodha and Gaming<\/strong><\/h3>\n\n\n\n<p>While Zerodha is primarily known as a brokerage platform, the Kamaths\u2019 investment in gaming reflects their broader interest in the Indian consumption story.&nbsp;<\/p>\n\n\n\n<p>Their exposure to sectors like gaming is rooted in the notion of identifying industries with untapped potential. His private investment vehicles, Kamath Associates and NK Squared, have a track record of backing consumer-focused startups like Licious (a meat delivery platform) and Third Wave Coffee. This demonstrates the Kamath brothers\u2019 preference for companies that cater to everyday Indian consumers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><strong>Business Model of Gaming Companies<\/strong><\/h3>\n\n\n\n<p>The gaming industry faces significant hurdles due to regulatory uncertainties, which could impact its growth trajectory.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Diverse Business Models:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Free Games: Include freemium, shareware, and ad-funded models.<\/li>\n\n\n\n<li>Paid Games: Operate on upfront payments, subscriptions, and Real Money Gaming (RMG). In RMG, players pay an entry fee contributing to both platform revenue and prize pools for winners.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><strong>Regulatory Setback<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Complex Regulatory Landscape: The online gaming landscape in India has become increasingly complicated, especially for RMG, which is taxed at 28%.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.equentis.com\/blog\/income-tax-concepts-the-ultimate-guide\/\">Tax<\/a> Implications:\n<ul class=\"wp-block-list\">\n<li>Games outside the RMG category face an 18% tax on platform fees.<\/li>\n\n\n\n<li>The recent tax hike has caused turmoil in the industry, leading states like Tamil Nadu to ban RMG games despite the Supreme Court classifying them as skill-based.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>GST Changes:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Until mid-2023, GST was applied at 18% on gross gaming revenue.<\/li>\n\n\n\n<li>The government\u2019s decision to impose a higher GST rate of 28% on the entire contest entry amount (CEA) has significantly affected the ecosystem, dramatically increasing companies&#8217; tax liabilities.<\/li>\n\n\n\n<li>For example, a platform that previously paid \u20b91.8 in GST on a \u20b9100 entry fee now faces a tax of \u20b928.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Financial Consequences:<\/strong>\n<ul class=\"wp-block-list\">\n<li>The GST authorities have raised a demand exceeding \u20b91.12 trillion due to this tax revision, which is currently under judicial review.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\"><strong>India\u2019s Gaming Sector: A Growth Story<\/strong><\/h2>\n\n\n\n<p>Despite all the regulatory hurdles and challenges, India\u2019s gaming market is experiencing a phenomenal rise. The RMG market (Real Money Gaming) continues to be the largest segment in India&#8217;s gaming industry, generating \u20b916,500 crore in revenue in 2023 and representing 83-84% of the overall gaming market.&nbsp; The esports segment, in particular, has surged thanks to the rise of professional gaming leagues and competitions.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Nazara Technologies has played a pivotal role in shaping the Indian gaming landscape. As one of the few publicly listed gaming companies in the country, it has diversified its offerings across esports, interactive gaming, and learning apps for children, positioning itself as a multifaceted player.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\"><strong>The Future of Gaming Stocks in India<\/strong><\/h2>\n\n\n\n<p>With the gaming industry&#8217;s rapid growth, more Indian companies will likely go public in the coming years. Nazara Technologies is a rare publicly listed gaming stock, but as investor interest grows, it could pave the way for other gaming firms to follow suit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h3>\n\n\n\n<p>As India\u2019s gaming market expands, the Kamaths\u2019 early investment in this space could unlock new opportunities. Their diversified investment approach, which includes exposure to the gaming industry, highlights their foresight in identifying sectors that will drive India\u2019s consumption story forward. <\/p>\n\n\n\n<p>Their involvement in the gaming industry through Nazara Technologies is another example of their forward-thinking investment philosophy<strong>.<\/strong><\/p>\n\n\n\n<p class=\"has-ast-global-color-5-color has-vivid-red-background-color has-text-color has-background has-link-color wp-elements-9ce0f53ce9b064a07752f45f1a6f5b01\">Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis &#8211; Research &amp; Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by <a href=\"https:\/\/www.equentis.com\/blog\/sebi-registered-investment-advisor-meaning-eligibility\/\">SEBI<\/a>, membership of BASL &amp; the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">FAQ<\/h2>\n\n\n<div class=\"saswp-faq-block-section\"><ol style=\"list-style-type:none\"><li style=\"list-style-type: none\"><h3 class=\"\"><strong>Who are the Kamath brothers, and what is their connection to Nazara Tech?<\/strong><\/h3><p class=\"saswp-faq-answer-text\">The Kamath brothers, Nithin and Nikhil, are the founders and co-CEOs of Zerodha, India&#8217;s largest discount brokerage firm. They have recently invested an undisclosed amount in Nazara Tech, a leading Indian mobile gaming company. This strategic investment marks the Kamath brothers&#8217; entry into the growing Indian gaming industry, estimated to be worth \u20b966,000 crore by 2028.<\/p><li style=\"list-style-type: none\"><h3 class=\"\"><strong>Why are the Kamath brothers investing in Nazara Tech?<\/strong><\/h3><p class=\"saswp-faq-answer-text\">Several factors drive the Kamath brothers&#8217; investment in Nazara Tech. Firstly, they see significant growth potential in the Indian gaming industry, fueled by increasing smartphone penetration, rising internet usage, and a growing young population. Secondly, Nazara Tech has a strong track record of developing and publishing successful mobile games, and the Kamath brothers believe that their expertise in technology and finance can help the company scale even further.<\/p><li style=\"list-style-type: none\"><h3 class=\"\"><strong>What is Nazara Tech&#8217;s business model?<\/strong><\/h3><p class=\"saswp-faq-answer-text\">Nazara Tech operates a multifaceted business model that includes game development, publishing, distribution, and advertising. The company develops a wide range of mobile games across various genres, including casual, sports, and skill-based games. It also publishes games developed by other studios and distributes them through its own platform and third-party app stores. Additionally, the company generates revenue through in-app advertising and other monetization channels.<\/p><\/ul><\/div>","protected":false},"excerpt":{"rendered":"<p>The Kamath brothers, founders of Zerodha, are known not just for running one of India&#8217;s top brokerage platforms but also for their varied investment choices. <\/p>\n","protected":false},"author":5,"featured_media":46870,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[948,10],"tags":[],"class_list":["post-46867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock-market-news","category-business"],"_links":{"self":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/46867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/comments?post=46867"}],"version-history":[{"count":6,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/46867\/revisions"}],"predecessor-version":[{"id":46884,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/46867\/revisions\/46884"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/media\/46870"}],"wp:attachment":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/media?parent=46867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/categories?post=46867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/tags?post=46867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}