<?xml version="1.0" encoding="UTF-8"?>
<!--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>2026-10-31</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>2026-10-31</xbrli:startDate><xbrli:endDate>2026-10-31</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">2026-10-30</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">21:12:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfInitialAnnouncement contextRef="OneI">2026-10-12</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="OneI">2026-10-12</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="OneI">2026-10-31</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 October 12, 2026 informed the below to the stock exchanges: we wish to
inform you that the Board of Directors of Nazara Technologies Limited at its meeting held today i.e. October 12, 2026, has inter alia, considered, approved and noted the following:

The Board has approved the infusion of funds aggregating up to USD 77.00 Million (~₹ 742.72 Crores) into Nazara Technologies UK Limited (“Nazara UK”), a wholly owned subsidiary of the Company, by way of subscription to its equity shares, in one or more tranches, subject to compliance with applicable laws and regulatory requirements.

The proposed investment in Nazara UK is intended to facilitate funding of the second tranche of the purchase consideration payable to the sellers of Bluetile Games, S.L. ("Bluetile") and Bestplay Systems, S.L. ("Bestplay"), pursuant to the terms of the Share Purchase Agreement, the amendments
thereto and other transaction documents executed in connection with the acquisition.

The aforesaid investment is expected to support the completion of the acquisition transaction and strengthen the Company's international gaming portfolio through its wholly owned subsidiary.

The details for infusion of funds, 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 – E to the intimation dated October 12, 2026.</in-capmkt:BriefDetailsOfInitialAnnouncement><in-capmkt:ReasonForUpdate contextRef="OneD">Others</in-capmkt:ReasonForUpdate><in-capmkt:OtherUpdates contextRef="OneI">With reference to the above and further to our earlier disclosures dated March 18, 2026, June 16, 2026, August 03, 2026 and August 06, 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 October 29, 2026, the Company has infused USD 77.00 million (equivalent to ~₹734.35 Crores) into Nazara UK by way of subscription to its equity shares, subject to compliance with the applicable laws. 

In accordance with the Amended SPA, and basis the communication received from Nazara UK, on October 30, 2026, out of the total consideration of USD 303.02 million (equivalent to ~₹ 2990 Crores) payable by Nazara UK to the Sellers, an amount of USD 77.00 million (equivalent to ~₹734.35 Crores) has been paid in cash as the second 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 above, the Target Companies continue to be wholly owned subsidiaries of Nazara UK and step-down subsidiaries of the Company.</in-capmkt:OtherUpdates></xbrli:xbrl>
