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Nazara Technologies Limited, India’s largest publicly listed diversified gaming, sports and media company (BSE: 543280, NSE NAZARA), has announced that it acquired a 47.7% share in Moonshine Technology Private Limited (“MTPL” or “Moonshine”), the parent company for PokerBaazi – India’s most popular online poker gaming platform – through a secondary deal worth INR 832 Crores. Nazara Technologies will also inject INR 150 billion in primary capital via mandatory convertible preference shares into Moonshine.
PokerBaazi has become India’s most popular online poker platform. It accounts for over 85% (of Moonshine’s net revenue) while SportsBaazi’s fantasy sports platform contributes to 12%. PokerBaazi’s monthly active users were 340,000 as of May 2024. The success of the company is attributed by its dynamic, forward-thinking management team led by Founder &CEO Navkiran Singh, along with Co-Founders Puneet Singh, Varun Ganjoo, Avneet Raaana and Anirudh Chaudhry whose combined effort are driving India’s Poker ecosystem.
Nitish Mittersain commented on the news, saying: “This investment represents a major step in our journey towards strengthening Nazara as India’s dominant gaming platform. PokerBaazi is not only the undisputed leader of online poker gaming in India, but it has also set new standards for user engagement, innovation and overall experience. We are excited to join forces Navkiran and Puneet and the Moonshine Team, whose leadership and vision have played a major role in shaping the Indian poker landscape. We look forward to working together to drive growth in the Indian gaming industry and take it to new heights both domestically as well as globally.
Navkiran Sing, CEO & Founder of Baazi Games, (MTPL), also expressed his opinion: “As India’s gaming industry continues to grow we believe that partnering up with Nazara Technologies will help advance the gaming ecosystem in the country. This partnership will contribute to our goal of global expansion in gaming. We are confident that, with the recognition by the Prime Minister of India, the gaming industry’s contribution to India’s $1 trillion digital economic sector, our combined efforts will foster new jobs and further India’s position in the global digital economies .”
