Nazara Invests Rs 982 Crore in PokerBaazi Parent Moonshine Technology
Gaming and sports media company Nazara Technologies has acquired a 47.7 percent stake in Moonshine Technology, the parent company of PokerBaazi, for Rs 832 crore through a secondary transaction. Additionally, Nazara will invest Rs 150 crore in primary capital via compulsory convertible preference shares, bringing the total investment to Rs 982 crore.
"This investment marks a significant step in strengthening Nazara’s position as India’s leading diversified gaming platform", said Nitish Mittersain, CEO of Nazara Technologies. He added that PokerBaazi, a leader in India’s online poker gaming space, has set new benchmarks in user engagement and innovation.
Moonshine Technology’s PokerBaazi platform drives over 85 percent of its net revenue, with its fantasy sports platform, SportsBaazi, contributing 12 percent. As of May 2024, PokerBaazi had 340,000 monthly active users.
Navkiran Singh, CEO and Founder of Baazi Games, expressed confidence in the partnership, stating, "Collaborating with Nazara Technologies is the right step towards advancing India’s gaming ecosystem". He also emphasized that with the government’s recognition of gaming as a vital component of India’s $1 trillion digital economy, this partnership will drive innovation, create new jobs, and elevate India’s position in the global digital economy.
Nazara’s portfolio includes India’s leading esports platform NODWIN Gaming, sports media company Sportskeeda/Pro Football Network, and early learning ecosystems like Kiddopia. Last month, Nazara also acquired Fusebox Games, a UK-based gaming studio, for Rs 228 crore.
This strategic investment further strengthens Nazara’s foothold in the rapidly growing Indian gaming industry.
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