Nazara Technologies Ltd. has announced an investment in Moonshine Technology Pvt., the parent company of PokerBaazi. The deal, valued at Rs 982 crore, comprises two key components—Rs 832 crore for a 47.7% stake in Moonshine through a secondary transaction and an additional Rs 150 crore in primary capital, injected via compulsory convertible preference shares.
PokerBaazi, which drives over 85% of Moonshine’s net revenue, boasts approximately 3,40,000 monthly active users as of May 2024.
“This investment in Moonshine Technology represents a significant step in our journey to strengthen Nazara’s position as India’s dominant diversified gaming platform,” said Nitish Mittersain, chief executive officer of Nazara Technologies.
Partnering with Nazara Technologies aligns perfectly with the company’s vision for the future of India’s gaming sector, said Navkiran Singh, chief executive officer and founder of Baazi Games.
“We are confident that our combined efforts will foster innovation, create new jobs, and further India’s place in the global digital economy.”
In addition to this significant acquisition, Nazara Technologies is actively pursuing new mergers and acquisitions this fiscal, to bolster its performance, Mittersain said.
“We have built a very strong deal pipeline and will continue to invest very actively in the coming months. So, we remain very positive about fiscal 2025 and even more positive in fiscal 2026,” he stated.