Nazara acquires 48% stake in PokerBaazi for $99M

Nazara Technologies Acquires 48% Stake in PokerBaazi Operator Moonshine Technology in Landmark Deal

India’s gaming industry is set for a massive boost as Nazara Technologies acquires a 48% stake in Moonshine Technology, the operator behind the popular PokerBaazi platform. This strategic acquisition positions Nazara at the forefront of India’s burgeoning online gaming market, promising to reshape the landscape of poker and fantasy sports in the country. With a strong focus on innovation and user engagement, this partnership aims to elevate the gaming experience for millions of players while driving growth in the sector. Discover how this deal will transform the Indian gaming ecosystem and what it means for the future of online gaming in India.

Nazara Technologies Expands with Major Stake in Moonshine Technology

Nazara Technologies, a leading India-based gaming and sports media company, has made a significant move by acquiring a 47.7% stake in Moonshine Technology Private, the operator of the highly popular PokerBaazi platform. This acquisition, valued at ₹832 Crore (approximately $99.2 million), represents a strategic effort by Nazara to expand its footprint in the online poker and fantasy sports sectors in India.

As part of the agreement, Nazara will also inject an additional ₹150 Crore into Moonshine Technology through compulsory convertible preference shares, which will convert into equity shares once the transaction is finalized. This infusion of primary capital underscores Nazara’s commitment to supporting Moonshine’s continued growth and market leadership.

A Strategic Move to Dominate India’s Gaming Market

The PokerBaazi platform, Moonshine’s flagship brand, boasts around 340,000 monthly active users and generates 85% of the company’s net revenue. Alongside PokerBaazi, Moonshine also operates SportsBaazi, a fantasy sports platform contributing 12% of the company’s overall revenue. Led by CEO Navkiran Singh and a strong founding team, including Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry, Moonshine has firmly established itself as a key player in India’s online gaming market.

Navkiran Singh expressed his enthusiasm for the partnership, highlighting the potential of this acquisition to propel India’s gaming sector to new heights. “As the Indian gaming sector continues to grow, we firmly believe that partnering with Nazara is the right step towards advancing the nation’s gaming ecosystem,” Singh stated. “This partnership will also contribute to our aim for global expansion in the gaming space.”

A Game-Changing Acquisition for Nazara

Nazara Technologies CEO Nitish Mittersain described the acquisition as a transformative step for Nazara, reinforcing its position as a leading diversified gaming platform in India. “This investment in Moonshine Technology represents a significant step in our journey to strengthen Nazara’s position as India’s dominant diversified gaming platform,” Mittersain said.

Mittersain praised PokerBaazi’s market leadership in online poker, citing its impressive user engagement, innovative features, and overall gaming experience. “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. We’re 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.”

The Broader Impact on India’s Gaming Landscape

This acquisition comes at a time when India’s gaming market is experiencing rapid growth, buoyed by increased internet penetration, affordable smartphones, and a growing appetite for online gaming. Earlier this week, India’s Goods and Services Tax (GST) Council reaffirmed its 28% turnover tax for gambling operators, highlighting the sector’s substantial growth. Finance Minister Nirmala Sitharaman reported that online gambling revenue surged by 412% between November and April, reaching ₹6,909 Crore ($823 million).

Despite the challenges posed by regulatory scrutiny, Nazara’s strategic acquisition of Moonshine Technology signals confidence in the sector’s long-term potential. The deal not only positions Nazara and Moonshine as powerhouses in the Indian gaming industry but also paves the way for further innovation and expansion.

Nazara Technologies’ acquisition of a 48% stake in Moonshine Technology marks a pivotal moment for India’s online gaming market. With the addition of PokerBaazi and SportsBaazi to its portfolio, Nazara is well-positioned to dominate the Indian gaming landscape and set new benchmarks in player engagement and innovation. As the gaming industry continues to evolve, this partnership underscores the importance of strategic collaborations in driving growth and enhancing the gaming experience for millions of players in India and beyond.