 "Nazara Technologies")
Nazara will acquire a 47.7 per cent stake in Moonshine Technology for Rs 832 crore through a secondary transaction. Image: Linkedin
In one of the largest mergers and acquisitions (M&A) deals in the domestic gaming sector, Nazara Technologies has announced the acquisition of Moonshine Technology, the parent company of PokerBaazi, for a total consideration of Rs 982 crore.
Nazara will acquire a 47.7 per cent stake in Moonshine Technology for Rs 832 crore through a secondary transaction. The company will also inject Rs 150 crore in primary capital into Moonshine via compulsory convertible preference shares.
PokerBaazi is India’s largest online poker platform, contributing over 85 per cent of Moonshine’s net revenue, while its fantasy sports platform, SportsBaazi, contributes 12 per cent. PokerBaazi had approximately 340,000 monthly active users as of May 2024.
The company’s success is attributed to its dynamic and forward-thinking leadership team, led by founder and chief executive officer (CEO) Navkiran Singh and co-founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry, whose combined efforts are driving the transformation of India’s poker ecosystem.
Nitish Mittersain, CEO of Nazara Technologies, said: “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 Baazi Games, said: “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.”
First Published: Sep 13 2024 | 1:39 PM IST