Nazara acquires 47.7 percent stake in PokerBaazi's parent firm
Nazara Technologies has acquired a 47.7 percent stake in Moonshine Technology, the parent company of PokerBaazi. This significant acquisition, valued at $100.24 million, marks a pivotal moment in the Indian gaming industry. Additionally, Nazara will infuse $18.07 million in primary capital into Moonshine through compulsory convertible preference shares.
Acquisition of flagship platform
Moonshine is known for its flagship platform, PokerBaazi, which drives over 85 percent of Moonshines net revenue, highlighting its critical role in the companys financial success. This acquisition aligns with Nazaras vision of strengthening its position as a leading diversified gaming platform in India.
According to the May 2024 report, PokerBaazi boasts approximately 340,000 monthly active users, a testament to its widespread popularity and engagement. The success of PokerBaazi is largely attributed to its dynamic leadership team. Founder & CEO Navkiran Singh, along with Co-Founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry, have played a pivotal role in transforming Indias poker ecosystem.
Commenting on the acquisition, Nitish Mittersain, CEO of Nazara Technologies, emphasized the strategic significance of the investment. He stated that acquiring a stake in Moonshine Technology represents a significant step in strengthening Nazaras dominance in the gaming sector.
Mittersain 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. Together, we look forward to driving growth in this space and taking Indian gaming to new heights, both domestically and globally.
Nazaras vision in gaming industry
Navkiran Singh, CEO and founder of Baazi Games (MTPL), also shared his enthusiasm for the partnership. Singh highlighted the alignment between Nazaras investment and Moonshines goals for global expansion.
As the Indian gaming sector continues to grow, we firmly believe that partnering with Nazara Technologies is the right step toward advancing the nations gaming ecosystem. This partnership will also contribute to our aim for global expansion in the gaming space. With the Honourable Prime Ministers recognition of the gaming sectors role in shaping Indias $1 trillion digital economy, we are confident that our combined efforts will foster innovation, create new jobs, and further Indias place in the global digital economy, Singh stated.
The acquisition by Nazara Technologies is expected to have an impact on the Indian gaming industry. By leveraging the combined strengths of Nazara and Moonshine Technology, the partnership is set to drive significant advancements in online poker and fantasy sports.
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