Nazara Technologies Limited has announced it will acquire a 47.7% stake in Moonshine Technology Private Limited (“Moonshine”), the parent company of PokerBaazi, for INR 832 crore through a secondary transaction. Additionally, Nazara will invest INR 150 crore in primary capital via compulsory convertible preference shares.
PokerBaazi, India’s largest online poker platform, generates over 85% of Moonshine’s net revenue, with its fantasy sports platform, SportsBaazi, contributing 12%. As of May 2024, PokerBaazi boasts approximately 340,000 monthly active users. The platform’s success is driven by its innovative leadership team, including Founder & CEO Navkiran Singh and Co-Founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry, who are reshaping India’s poker landscape.
Nitish Mittersain, CEO of Nazara Technologies, said, “Our investment in Moonshine Technology is a major move to solidify Nazara’s position in India’s gaming industry. PokerBaazi is a leader in online poker, and we’re excited to partner with its visionary team to drive growth and elevate Indian gaming globally.”
Navkiran Singh, CEO & Founder of Baazi Games, added, “Partnering with Nazara is a key step for advancing India’s gaming sector and supporting our global expansion. With the Prime Minister’s support for the gaming industry, we’re confident our collaboration will foster innovation and strengthen India’s role in the global digital economy.”