Nazara Technologies said that it has acquired 47.7% stake in Moonshine Technology (MTPL), the parent company of PokerBaazi, India’s top online poker gaming platform, for INR 832 crores through a secondary transaction.
Additionally, Nazara will inject Rs150 crore in primary capital into Moonshine via compulsory convertible preference shares.
PokerBaazi is Indias largest online poker platform, driving over 85% of Moonshines net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. PokerBaazi had approximately 340,000 monthly active users as of May 2024.
MTPL had recorded a turnover of Rs 414.9 crore and an EBITDA of Rs 41.2 crore during FY24.
Nitish Mittersain, CEO of Nazara Technologies, said: This investment in Moonshine Technology represents a significant step in our journey to strengthen Nazaras position as Indias 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. Were 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.
Nazara Technologies is a diversified gaming & sports media platform with presence in India and across emerging & developed global markets such as Africa and North America. It has offerings across the interactive gaming, eSports, ad-tech and gamified early learning ecosystems including World Cricket.
The gaming and sports media company’s consolidated net profit (from continuing operations) increased 13.23% to Rs 23.62 crore in Q1 FY25 from Rs 20.86 crore reported in Q4 FY23. Revenue from operations stood at Rs 250.08 crore in Q1 FY25, down 1.71% from Rs 254.43 crore reported in the same period a year ago.
The scrip fell 2.24% to currently trade at Rs 984.25 on the BSE.
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First Published: Sep 13 2024 | 9:44 AM IST