Nazara Technologies has made a significant move in the domestic gaming sector by acquiring a majority stake in Moonshine Technology, the entity that owns PokerBaazi, for a total consideration of Rs 982 crore. This merger and acquisition deal mark one of the largest in the Indian gaming industry, with Nazara securing a 47.7% stake in Moonshine for Rs 832 crore through a secondary transaction. Additionally, Nazara will inject Rs 150 crore into Moonshine via compulsory convertible preference shares.
PokerBaazi, the flagship online poker platform under Moonshine, is a key player in the Indian gaming landscape, contributing the majority of Moonshine's revenue. With approximately 340,000 monthly active users as of May 2024, PokerBaazi has established itself as a leader in the online poker gaming industry in India. The success of Moonshine Technology is credited to its leadership team, headed by founder and CEO Navkiran Singh, along with co-founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry, who have been instrumental in shaping India's poker ecosystem.
Nazara Technologies' CEO, Nitish Mittersain, expressed the company's strategic move to strengthen its position within India's gaming market through this investment in Moonshine Technology. He praised PokerBaazi's dominance in online poker and highlighted its innovative approach to user engagement. Similarly, Navkiran Singh, CEO of Moonshine Technology, emphasized the partnership with Nazara Technologies as a step towards advancing India's gaming ecosystem and aiming for global expansion within the gaming industry.