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<!--REG30 V1.0 (16-10-2025)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-08-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" 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-2025-08-31.xsd"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543280</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-07</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543280</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-07</xbrli:startDate><xbrli:endDate>2026-08-07</xbrli:endDate></xbrli:period></xbrli:context><in-capmkt:ScripCode contextRef="OneI">543280</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">NAZARA TECHNOLOGIES LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">NAZARA</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE418L01047</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Update</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="OneI">2026-08-06</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">20:16:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfInitialAnnouncement contextRef="OneI">2026-03-18</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="OneI">2026-06-16</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="OneI">2026-08-07</in-capmkt:DateOfReport><in-capmkt:RemarksForWebsiteDissemination contextRef="OneI">Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”) - Update</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:UpdateForTheEvent contextRef="OneD">Acquisition (including agreement to acquire)</in-capmkt:UpdateForTheEvent><in-capmkt:BriefDetailsOfInitialAnnouncement contextRef="OneI">The Company on March 18, 2026 informed the below to the stock exchanges: We wish to inform you that the Board of Directors of Nazara Technologies Limited (the “Company”), at its meeting held today i.e., Wednesday, March 18, 2026, Approved infusion of funds not exceeding USD 100.3 million (~INR 918 crores) by the company into Nazara UK, subject to compliance with the applicable laws by way of: a) Subscription to its equity shares for an amount not exceeding USD 40.1 million (~INR 367 crores), in one or more tranches; and b) grant of loan for an amount not exceeding USD 60.2 million (~INR 551 crores), in one or more tranches. The proposed funding structure has been designed to optimize capital efficiency and maintain financial flexibility at the Company level. Further, the details in relation to the above, as required under the Listing Regulations read with the SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, was enclosed as Annexure B &amp; C to the intimation dated March 18, 2026.</in-capmkt:BriefDetailsOfInitialAnnouncement><in-capmkt:ReasonForUpdate contextRef="OneD">Others</in-capmkt:ReasonForUpdate><in-capmkt:OtherUpdates contextRef="OneI">Further to our earlier disclosures dated March 18, 2026, June 16, 2026 and August 03, 2026, and in compliance with Regulation 30 read with Schedule III of the Listing Regulations, and pursuant to the Amended and Restated Share Purchase Agreement (“Amended SPA”) to the Original Share Purchase Agreement (“SPA”), executed amongst Bluetile Games, S.L. (“Bluetile”), Bestplay Systems, S.L. (“Bestplay”) (collectively, the “Target Companies”), the shareholders and founders of the Target Companies, and Nazara Technologies UK Limited (“Nazara UK”), a wholly-owned subsidiary of the Company, as referred to in our above communication, we hereby inform you that, on August 03, 2026, the Company has infused USD 3,38,46,807 (equivalent to ~INR 323.58 Crores) into Nazara UK by way of subscription to its equity shares, and USD 5,73,95,833 (equivalent to ~INR 548.70) Crores into Nazara UK towards Loan, subject to compliance with the applicable laws.  

In accordance with the Amended SPA, and basis the communication received from Nazara UK, on August 06, 2026, out of the total consideration of USD 303.02 million (equivalent to ~INR 2990 Crores) payable by Nazara UK to the Sellers, an amount of USD 89.45 million (equivalent to ~INR 851.51 Crores) has been paid in cash as the first tranche, towards acquisition of the Target Companies, and the balance consideration shall be discharged in the manner outlined in the Amended SPA, and an update on the same will be provided in due course. 

Consequent to the aforesaid acquisition, the Target Companies have become wholly-owned subsidiaries of Nazara UK, and step-down subsidiaries of the Company with effect from August 03, 2026.</in-capmkt:OtherUpdates></xbrli:xbrl>
