Nazara invest INR 982 crores in Moonshine Technology which owns ‘PokerBaazi’

The investment includes INR 150 crores in primary capital, with the remainder acquired through a secondary purchase of existing investor shares via cash and stock Move strengthens Nazara as India’s…

By Rahul Roy

September 13, 2024

3 min read

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The investment includes INR 150 crores in primary capital, with the remainder acquired through a secondary purchase of existing investor shares via cash and stock
Move strengthens Nazara as India’s dominant gaming platform

Nazara Technologies Limited, India’s leading publicly listed diversified gaming and sports media company, has announced the acquisition of a 47.7% stake in Moonshine Technology Private Limited, the parent company of PokerBaazi, India’s top online poker gaming platform, for INR 832 crores through a secondary transaction. Additionally, Nazara will inject INR 150 crores in primary capital into Moonshine via compulsory convertible preference shares.

PokerBaazi is India’s largest online poker platform, driving over 85% of Moonshine’s net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. PokerBaazi had ~340,000 monthly active users as of May 2024. The company’s success is attributed to its dynamic and forward-thinking leadership team, led by Founder & CEO Navkiran Singh and Co-Founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry, whose combined efforts are driving the transformation of India’s poker ecosystem.

Nazara to invest INR 982 crores in Moonshine Technology which owns India’s Leading Online Poker Gaming Platform ‘PokerBaazi’

Commenting on the development, Nitish Mittersain, CEO of Nazara Technologies, said: “This investment in Moonshine Technology represents a significant step in our journey to strengthen Nazara’s position as India’s dominant diversified gaming platform. PokerBaazi has not only emerged as the undisputed leader in online poker gaming in India but has also set new standards in user engagement, innovation, and overall experience. We’re excited to join forces with Navkiran, Puneet, and the entire Moonshine team, whose vision and leadership have been instrumental in shaping the poker landscape in India. Together, we look forward to driving growth in this space and taking Indian gaming to new heights, both domestically and globally.”

Navkiran Singh, CEO & Founder, Baazi Games (MTPL) also shared his views, “As the Indian gaming sector continues to grow, we firmly believe that partnering with Nazara Technologies is the right step toward advancing the nation’s gaming ecosystem. This partnership will also contribute to our aim for global expansion in the gaming space. With the Hon’ble Prime Minister’s recognition of the gaming sector’s role in shaping India’s $1 trillion digital economy, we are confident that our combined efforts will foster innovation, create new jobs, and further India’s place in the global digital economy.”