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<!--ANNAgreement V1.0 (10-04-2026)-->
<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2024-04-30/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Announcement_For_Agreements/2024-04-30/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Announcement_For_Agreements/2024-04-30/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2024-04-30/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2024-04-30.xsd"/><xbrli:context 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scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">543280</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-31</xbrli:startDate><xbrli:endDate>2026-07-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:PartiesOfTheAgreementAxis"><in-capmkt:PartiesOfTheAgreementDomain>PartiesOfTheAgreementDomain2</in-capmkt:PartiesOfTheAgreementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_PartiesOfTheAgreement2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">543280</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:PartiesOfTheAgreementAxis"><in-capmkt:PartiesOfTheAgreementDomain>PartiesOfTheAgreementDomain2</in-capmkt:PartiesOfTheAgreementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NameOfTheCompany contextRef="MainI">NAZARA TECHNOLOGIES LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">NAZARA</in-capmkt:NSESymbol><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfAgreement contextRef="MainI">Others</in-capmkt:TypeOfAgreement><in-capmkt:DetailsOfOtherTypeOfAnnouncement contextRef="MainI">Loan Agreement</in-capmkt:DetailsOfOtherTypeOfAnnouncement><in-capmkt:StageOfAgreement contextRef="MainI">Execution of agreement</in-capmkt:StageOfAgreement><in-capmkt:AgreementsEnteredIntoBy contextRef="MainD">Related Parties of the listed entity</in-capmkt:AgreementsEnteredIntoBy><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="MainD">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="MainI">2026-07-29</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainD">22:16:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement contextRef="MainD">false</in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement><in-capmkt:RemarksForWebsiteDissemination contextRef="MainI">Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”)</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:DateOfReport contextRef="MainI">2026-07-31</in-capmkt:DateOfReport><in-capmkt:DetailsOfExecutionOfAgreement contextRef="MainI">Loan Agreement</in-capmkt:DetailsOfExecutionOfAgreement><in-capmkt:WhetherProposedOrExecutedAgreementIsInNormalCourseOfBusiness contextRef="MainI">false</in-capmkt:WhetherProposedOrExecutedAgreementIsInNormalCourseOfBusiness><in-capmkt:ReasonForProposedOrExecutedAgreementIsNotInNormalCourseOfBusiness contextRef="MainI">Kiddopia Inc., a wholly-owned subsidiary of Paper Boat Apps Private Limited (“Paper Boat”) a wholly-owned subsidiary of the Company has entered into a Loan Agreement (“Agreement II”) with Nazara
Technologies UK Limited (“Nazara UK”), a wholly-owned subsidiary of the Company, on July 29, 2026, to grant an unsecured loan for an aggregate amount not exceeding USD 12,30,000 (United States Dollar One
Million Two Hundred Thirty Thousand) [equivalent to ~INR 11.74 Crores], in one or more tranches, for business and general corporate purposes, working capital requirement etc., subject to compliance with the applicable laws.</in-capmkt:ReasonForProposedOrExecutedAgreementIsNotInNormalCourseOfBusiness><in-capmkt:ImpactOfAgreementOnManagementAndControlOfTheListedEntity contextRef="MainI">Not Applicable</in-capmkt:ImpactOfAgreementOnManagementAndControlOfTheListedEntity><in-capmkt:NumberOfPartiesToTheAgreement contextRef="MainI" unitRef="pure" decimals="0">2</in-capmkt:NumberOfPartiesToTheAgreement><in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement contextRef="D_PartiesOfTheAgreement1">Kiddopia Inc.</in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement><in-capmkt:NatureOfThePartiesOfTheAgreement contextRef="I_PartiesOfTheAgreement1">Party entering into the agreement</in-capmkt:NatureOfThePartiesOfTheAgreement><in-capmkt:DetailsOfShareholdingInTheEntityWithWhomTheAgreementIsExecuted contextRef="I_PartiesOfTheAgreement1">The Company is not a party to the Agreement. However, the Company holds 100% stake in Nazara UK and Paper Boat holds 100% stake in Kiddopia.</in-capmkt:DetailsOfShareholdingInTheEntityWithWhomTheAgreementIsExecuted><in-capmkt:WhetherThePartiesToTheAgreementAreRelatedToPromoterOrPromoterGroupOrAssociateOrHoldingOrSubsidiaryOrGroupCompaniesOrDirectorOrKMPAndItsRelativesInAnyManner contextRef="I_PartiesOfTheAgreement1">true</in-capmkt:WhetherThePartiesToTheAgreementAreRelatedToPromoterOrPromoterGroupOrAssociateOrHoldingOrSubsidiaryOrGroupCompaniesOrDirectorOrKMPAndItsRelativesInAnyManner><in-capmkt:NatureOfRelationshipOfTheAgreement contextRef="I_PartiesOfTheAgreement1">Nazara UK is a wholly-owned subsidiary of the Company and Kiddopia is the wholly owned subsidiary of Paper Boat Apps Private Limited, a wholly-owned subsidiary of the Company, hence the aforesaid transaction falls under the purview of Related Party Transactions as per the provisions of the Listing Regulations. 

Also, the transaction is between two wholly-owned subsidiaries of the Company. Therefore, it is exempted under Regulation 23(5)(c) of the Listing Regulations. 

Further, the promoter / promoter group / group companies of the Company do not have any interest in the said transaction. 

The said transaction is on arm’s length basis.</in-capmkt:NatureOfRelationshipOfTheAgreement><in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement contextRef="D_PartiesOfTheAgreement2">Nazara Technologies UK Limited</in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement><in-capmkt:NatureOfThePartiesOfTheAgreement contextRef="I_PartiesOfTheAgreement2">Counterparties to the agreement</in-capmkt:NatureOfThePartiesOfTheAgreement><in-capmkt:DetailsOfShareholdingInTheEntityWithWhomTheAgreementIsExecuted contextRef="I_PartiesOfTheAgreement2">The Company is not a party to the Agreement. However, the Company holds 100% stake in Nazara UK and Paper Boat holds 100% stake in Kiddopia.</in-capmkt:DetailsOfShareholdingInTheEntityWithWhomTheAgreementIsExecuted><in-capmkt:WhetherThePartiesToTheAgreementAreRelatedToPromoterOrPromoterGroupOrAssociateOrHoldingOrSubsidiaryOrGroupCompaniesOrDirectorOrKMPAndItsRelativesInAnyManner contextRef="I_PartiesOfTheAgreement2">true</in-capmkt:WhetherThePartiesToTheAgreementAreRelatedToPromoterOrPromoterGroupOrAssociateOrHoldingOrSubsidiaryOrGroupCompaniesOrDirectorOrKMPAndItsRelativesInAnyManner><in-capmkt:NatureOfRelationshipOfTheAgreement contextRef="I_PartiesOfTheAgreement2">Nazara UK is a wholly-owned subsidiary of the Company and Kiddopia is the wholly owned subsidiary of Paper Boat Apps Private Limited, a wholly-owned subsidiary of the Company, hence the aforesaid transaction falls under the purview of Related Party Transactions as per the provisions of the Listing Regulations. 

Also, the transaction is between two wholly-owned subsidiaries of the Company. Therefore, it is exempted under Regulation 23(5)(c) of the Listing Regulations. 

Further, the promoter / promoter group / group companies of the Company do not have any interest in the said transaction. 

The said transaction is on arm’s length basis.</in-capmkt:NatureOfRelationshipOfTheAgreement><in-capmkt:WhetherTheAgreementWouldFallWithinRelatedPartyTransactions contextRef="MainI">true</in-capmkt:WhetherTheAgreementWouldFallWithinRelatedPartyTransactions><in-capmkt:WhetherTheAgreementIsDoneAtArmsLength contextRef="MainI">true</in-capmkt:WhetherTheAgreementIsDoneAtArmsLength><in-capmkt:DateOnWhichAgreementWasEntered contextRef="MainI">2026-07-29</in-capmkt:DateOnWhichAgreementWasEntered><in-capmkt:PurposeOfEnteringIntoTheAgreement contextRef="MainI">Kiddopia has entered into the said Agreement with Nazara UK to grant a loan for an aggregate amount not exceeding USD 12,30,000 (equivalent to ~INR 11.74 Crores), in one or more tranches, for business and general corporate purposes, working capital requirement etc., subject to compliance with the applicable laws.</in-capmkt:PurposeOfEnteringIntoTheAgreement><in-capmkt:SignificantTermsOfTheAgreementInBriefSpecialRightsLikeRightToAppointDirectorsOrFirstRightToShareSubscriptionInCaseOfIssuanceOfSharesOrRightToRestrictAnyChangeInCapitalStructure contextRef="MainI">Not applicable</in-capmkt:SignificantTermsOfTheAgreementInBriefSpecialRightsLikeRightToAppointDirectorsOrFirstRightToShareSubscriptionInCaseOfIssuanceOfSharesOrRightToRestrictAnyChangeInCapitalStructure><in-capmkt:WhetherThereIsAnyIssuanceOrTransferOfSharesToTheParties contextRef="MainI">false</in-capmkt:WhetherThereIsAnyIssuanceOrTransferOfSharesToTheParties><in-capmkt:DetailsAndQuantificationOfTheRestrictionOrLiabilityImposedUponTheListedEntity contextRef="MainD">Not applicable</in-capmkt:DetailsAndQuantificationOfTheRestrictionOrLiabilityImposedUponTheListedEntity><in-capmkt:OtherInformationForExecutionAgreements contextRef="MainI">Note: &lt;BR&gt; 
 &lt;BR&gt; 
A] Pursuant to Regulation 30, read with Schedule III of the Listing Regulations, we hereby inform you that Kiddopia Inc., a wholly-owned subsidiary of Paper Boat Apps Private Limited (“Paper Boat”) a wholly-owned subsidiary of the Company has entered into a Loan Agreement (“Agreement II”) with Nazara Technologies UK Limited (“Nazara UK”), a wholly-owned subsidiary of the Company, on July 29, 2026, to grant an unsecured loan for an aggregate amount not exceeding USD 12,30,000 (United States Dollar One Million Two Hundred Thirty Thousand) [equivalent to ~INR 11.74 Crores], in one or more tranches, for business and general corporate purposes, working capital requirement etc., subject to compliance with the applicable laws.  &lt;BR&gt; 
 &lt;BR&gt; 
The details in this regard, pursuant to Regulation 30 of the Listing Regulations read with SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, was enclosed as Annexure A to the intimation dated July 30, 2026. &lt;BR&gt; 
 &lt;BR&gt; 
B] Name(s) of parties with whom the agreement is entered: The Loan Agreement (“Agreement II”) has been entered into between Kiddopia Inc., (“Kiddopia/Lender”), a wholly-owned subsidiary of Paper Boat and Nazara Technologies UK Limited, (“Nazara UK/Borrower”), a wholly-owned subsidiary of the Company.  &lt;BR&gt; 
 &lt;BR&gt; 
C] Size of agreement: Aggregate amount not exceeding USD 12,30,000 (equivalent to ~INR 11.74 Crores) &lt;BR&gt; 
 &lt;BR&gt; 
D] In case of loan agreements, details of lender/borrower, nature of the loan, total amount of loan granted/taken, total amount outstanding, date of execution of the loan agreement/ sanction letter, details of the security provided to the lenders/ by the borrowers for such loan or in case outstanding loans lent to a party or borrowed from a party become material on a cumulative basis: &lt;BR&gt; 
 &lt;BR&gt; 
Lender: Kiddopia Inc. &lt;BR&gt; 
Borrower: Nazara Technologies UK Limited &lt;BR&gt; 
Nature of Loan: Unsecured Loan &lt;BR&gt; 
Total amount of loan: Aggregate amount not exceeding USD 12,30,000 (equivalent to ~INR 11.74 Crores), in one or more tranches, subject to compliance with the applicable laws. &lt;BR&gt; 
Date of execution of Loan Agreement: July 29, 2026 &lt;BR&gt; 
Details of security provided to lender: Nil &lt;BR&gt; 
Amount of loan outstanding as on date of disclosure: USD 2,30,89,307</in-capmkt:OtherInformationForExecutionAgreements></xbrli:xbrl>
