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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 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contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Acquisition (including agreement to acquire)</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="OneI">2026-10-12</in-capmkt:DateOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">16:40:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DateOfReport contextRef="OneI">2026-10-13</in-capmkt:DateOfReport><in-capmkt:RemarksForWebsiteDissemination contextRef="OneI">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:NameOfAcquirer contextRef="OneI">Nazara Technologies Limited</in-capmkt:NameOfAcquirer><in-capmkt:RelationshipOfAcquirerWithTheListedEntity contextRef="OneD">Listed Entity (self)</in-capmkt:RelationshipOfAcquirerWithTheListedEntity><in-capmkt:NameOfTheTargetEntity contextRef="OneI">Nazara Technologies UK Limited</in-capmkt:NameOfTheTargetEntity><in-capmkt:TurnoverOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-7">0</in-capmkt:TurnoverOfTargetEntity><in-capmkt:ProfitAfterTaxOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-5">-388100000</in-capmkt:ProfitAfterTaxOfTargetEntity><in-capmkt:NetWorthOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-5">2836100000</in-capmkt:NetWorthOfTargetEntity><in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions contextRef="OneD">true</in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions><in-capmkt:DateOfBoardMeetingInWhichRPTApprovalTakenForAcquisitionEvent contextRef="OneI">2026-10-12</in-capmkt:DateOfBoardMeetingInWhichRPTApprovalTakenForAcquisitionEvent><in-capmkt:WhetherAcquisitionEventRPTIsMaterial contextRef="OneD">false</in-capmkt:WhetherAcquisitionEventRPTIsMaterial><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired><in-capmkt:WhetherAcquisitionEventIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherAcquisitionEventIsDoneAtArmsLength><in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs contextRef="OneI">Gaming &amp; Entertainment Industry</in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs><in-capmkt:ObjectsAndImpactOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity contextRef="OneI">Conversion of the outstanding loan into equity share capital of Nazara UK to strengthen its capital base and net worth position, improve its financial profile and support its long-term growth and business requirements.</in-capmkt:ObjectsAndImpactOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity><in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheAcquisition contextRef="OneD">NA</in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheAcquisition><in-capmkt:WhetherTheAcquisitionTransactionWillBeInTranches contextRef="OneD">false</in-capmkt:WhetherTheAcquisitionTransactionWillBeInTranches><in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition contextRef="OneI">Within 60 days from the date of approval by the Board or such other period as may be mutually agreed and permitted under applicable laws.</in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition><in-capmkt:NatureOfConsiderationForAcquisitionEvent contextRef="OneD">Others</in-capmkt:NatureOfConsiderationForAcquisitionEvent><in-capmkt:DetailsOfConsiderationForAcquisitionEvent contextRef="OneI">Conversion of the outstanding loan aggregating to GBP 23 Million (equivalent to ~₹294.40 crores) into equity share capital of Nazara UK at a price of GBP 0.04 per equity share determined based on the valuation report issued by an independent valuer.</in-capmkt:DetailsOfConsiderationForAcquisitionEvent><in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired contextRef="OneD" unitRef="INR" decimals="-6">2944000000</in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired><in-capmkt:ExistingPercentageOfShareholdingHeldByAcquirer contextRef="OneI" unitRef="pure" decimals="INF">1</in-capmkt:ExistingPercentageOfShareholdingHeldByAcquirer><in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired contextRef="OneI">Nazara UK is a company incorporated in the United Kingdom as a wholly owned subsidiary of the Company.</in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired><in-capmkt:DateOfIncorporationForAcquisitionEvent contextRef="OneI">2024-07-31</in-capmkt:DateOfIncorporationForAcquisitionEvent><in-capmkt:DescriptionOfFinancialYear contextRef="I_FinancialYear1">2025-2026</in-capmkt:DescriptionOfFinancialYear><in-capmkt:Turnover contextRef="D_FinancialYear1" unitRef="INR" decimals="-7">0</in-capmkt:Turnover><in-capmkt:DescriptionOfFinancialYear contextRef="I_FinancialYear2">2024-2025</in-capmkt:DescriptionOfFinancialYear><in-capmkt:Turnover contextRef="D_FinancialYear2" unitRef="INR" decimals="-7">0</in-capmkt:Turnover><in-capmkt:CountryInWhichTheAcquiredEntityHasPresence contextRef="OneI">India</in-capmkt:CountryInWhichTheAcquiredEntityHasPresence><in-capmkt:AnyOtherBriefSignificantInformationForTheAcquisition contextRef="OneI">Note:
1. We wish to inform you that the Board of Directors (“Board”) of Nazara Technologies Limited (“the Company”) at its meeting held today i.e. October 12, 2026, has approved the conversion of the outstanding loan aggregating up to GBP 23.00 Million (i.e. ~₹ 294.40 Crores) advanced by the Company to Nazara Technologies UK Limited ("Nazara UK"), a wholly-owned subsidiary of the Company, into equity share capital of Nazara UK. 

The Company has, from time to time, provided financial assistance to Nazara UK in compliance with the applicable provisions of the Companies Act, 2013, the Foreign Exchange Management Act, 1999 and applicable overseas investment regulations. 

The proposed conversion is intended to strengthen the capital base and net worth position of Nazara UK, improve its financial position and support its long-term growth and business requirements.  

Pursuant to the approval, Nazara UK shall issue and allot such number of equity shares to the Company as may be determined based on the valuation report obtained from an independent valuer and in accordance with the applicable provisions of the Law. 

Post conversion, Nazara UK shall continue to remain wholly-owned subsidiaries of the Company and there shall be no change in the ownership or control of these subsidiaries. 

The details for conversion of loan into equity share capital, 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 – F to the initmation dated October 12, 2026.

2. Name of the Target Entity details in brief such as size, turnover, etc: Nazara Technologies UK Limited (“Nazara UK”), a wholly owned subsidiary of the Company, incorporated in the United Kingdom on July 31, 2024.  Paid-up Share Capital: GBP 48,87,246   Turnover: Nil 

3. Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at “arm’s length”:

Nazara UK, being a wholly owned subsidiary of the Company is a related party of the Company.   

As the transaction is between a holding company and its wholly owned subsidiary, it is exempt from the provisions applicable to related party transactions under Listing Regulations and the Companies Act, 2013.    

The promoter / promoter group / group companies of the Company do not have any interest in the said transaction other than through their shareholding in the Company, if any.  

The transaction is being undertaken on an arm's length basis.

4. Brief details of any governmental or regulatory approvals required for the acquisition: The conversion shall be undertaken in compliance with applicable provisions of the Foreign Exchange Management Act, 1999 and overseas investment regulations. No specific governmental approval is required.  

5. Nature of consideration - whether cash consideration or share swap and details of the same: 
Subscription up to 57,50,00,000 equity shares of GBP 0.04 each pursuant to conversion of outstanding inter-corporate loan.</in-capmkt:AnyOtherBriefSignificantInformationForTheAcquisition></xbrli:xbrl>
