In a major move to consolidate its position as a leader in the Indian gaming sector, Nazara Technologies Limited has announced a strategic investment in Moonshine Technology Private Limited (MTPL), the parent company of India’s premier online poker platform, PokerBaazi.
Nazara’s board has approved the strategic investment, which will see INR 592.26 crore paid in cash and INR 239.25 crore through a share swap, issuing fully paid-up equity shares of Nazara.
Additionally, Nazara plans to infuse up to INR 150 crore more into Moonshine Technology via compulsorily convertible preference shares, bringing the total investment to a substantial INR 982 crore, the largest single investment by Nazara to date.
Moonshine Technology, which also owns the rapidly growing fantasy sports platform SportsBaazi, is set to benefit significantly from this partnership.
PokerBaazi, the flagship brand of Moonshine, commands a dominant position in the online poker market, driving over 85% of Moonshine’s net revenue.
As of May 2024, PokerBaazi boasts approximately 3,40,000 monthly active users, underscoring its leading role in the Indian online gaming landscape.
Nazara Technologies, a publicly listed diversified gaming and sports media company, views this investment as a pivotal step in enhancing its portfolio and strengthening its market leadership.
Nitish Mittersain, CEO of Nazara Technologies, expressed enthusiasm about the deal, stating, “This investment in Moonshine Technology represents a significant step in our journey to strengthen Nazara’s position as India’s 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. 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. Together, we look forward to driving growth in this space and taking Indian gaming to new heights, both domestically and globally.”
Navkiran Singh, CEO and Founder of Moonshine Technology, also commented on the development, noting, “As the Indian gaming sector continues to grow, we firmly believe that partnering with Nazara Technologies is the right step toward advancing the nation’s gaming ecosystem. This partnership will also contribute to our aim for global expansion in the gaming space. With the Hon’ble Prime Minister’s recognition of the gaming sector’s role in shaping India’s $1 trillion digital economy, we are confident that our combined efforts will foster innovation, create new jobs, and further India’s place in the global digital economy.”
About Nazara Technologies Ltd.
Nazara Technologies is India’s only publicly listed gaming and esports company, with a diverse portfolio that includes leading brands such as NODWIN Gaming, Sportskeeda, Kiddopia, and World Cricket Championship (WCC).
The company operates across India, the US, and other international markets, focusing on interactive gaming, esports, and digital advertising.
About Moonshine Technology Pvt. Ltd.
Moonshine Technology is a prominent game developer specializing in sports like poker and spectator games.
The company’s flagship brands include PokerBaazi, India’s largest online poker platform, and SportsBaazi, a fast-growing sports gaming platform.
