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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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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">2026-08-13</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainD">17:57:00</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">2026-08-14</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">Paper Boat Apps Private Limited, (“Paper Boat”) a wholly-owned subsidiary of the Company has entered into a Loan Agreement with Kiddopia Inc. (“Kiddopia”), a wholly-owned subsidiary of Paper Boat, on August 13, 2026, for granting an unsecured loan of an aggregate amount not exceeding Rs. 7.50 Crores (Rupees Seven Crores Fifty Lakhs) [equivalent to ~ USD 8,00,000], in one or more tranches. The loan is being extended 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">Paper Boat Apps Private Limited</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 Paper Boat 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">Paper Boat is a wholly-owned subsidiary of the Company and Paper Boat holds 100% stake in Kiddopia, 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 at arm’s length basis.</in-capmkt:NatureOfRelationshipOfTheAgreement><in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement contextRef="D_PartiesOfTheAgreement2">Kiddopia Inc.</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 Paper Boat 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">Paper Boat is a wholly-owned subsidiary of the Company and Paper Boat holds 100% stake in Kiddopia, 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 at 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">2026-08-13</in-capmkt:DateOnWhichAgreementWasEntered><in-capmkt:PurposeOfEnteringIntoTheAgreement contextRef="MainI">Paper Boat has entered into the said Agreement with Kiddopia to grant a loan of an aggregate amount not exceeding Rs. 7.50 Crores (equivalent to ~ USD 8,00,000), in one or more tranches The loan is being extended 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; 
A] Pursuant to Regulation 30 read with Schedule III of Listing Regulations, we hereby inform you that, Paper Boat Apps Private Limited, (“Paper Boat”) a wholly-owned subsidiary of the Company has entered into a Loan Agreement with Kiddopia Inc. (“Kiddopia”), a wholly-owned subsidiary of Paper Boat, on August 13, 2026, for granting an unsecured loan of an aggregate amount not exceeding Rs. 7.50 Crores (Rupees Seven Crores Fifty Lakhs) [equivalent to ~ USD 8,00,000], in one or more tranches. The loan is being extended 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 intimation dated August 13, 2026. &lt;BR&gt; 
 &lt;BR&gt; 
B] Name(s) of parties with whom the agreement is entered: The Loan Agreement has been entered into between Paper Boat Apps Private Limited (“Paper Boat/Lender”), a wholly-owned subsidiary of the Company and Kiddopia Inc. (“Kiddopia/Borrower”), a wholly-owned subsidiary of Paper Boat. &lt;BR&gt; 
 &lt;BR&gt; 
C] Size of agreement: Aggregate amount not exceeding Rs. 7.50 Crores (equivalent to ~ USD 8,00,000) &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: Paper Boat Apps Private Limited.   &lt;BR&gt; 
Borrower: Kiddopia Inc.   &lt;BR&gt; 
Nature of Loan: Unsecured Loan   &lt;BR&gt; 
Total amount of loan: Aggregate amount not exceeding Rs. 7.50 Crores (equivalent to ~ USD 8,00,000), in one or more tranches, subject to compliance with the applicable laws.   &lt;BR&gt; 
Date of execution of Loan Agreement: August 13, 2026   &lt;BR&gt; 
Details of security provided to lender: Nil   &lt;BR&gt; 
Amount of loan outstanding as on date of disclosure: Rs. 82.00 Crores   &lt;BR&gt; 
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