Nazara Technologies, a leading gaming and sports media company, has announced a major acquisition of 47.7% stake in Moonshine Technology, the parent company of PokerBaazi, for Rs 982 crore. This acquisition is part of Nazara’s strategic expansion into the online skill-based gaming sector.
Details of Acquisition
Nazara Technologies will initially invest Rs 831.5 crore to acquire the PokerBaazi stake through a combination of secondary and primary share purchases. The secondary transaction will involve buying shares from existing shareholders such as Navkiran Singh, co-founders Puneet Singh, Varun Ganjoo, Avneet Rana, Anirudh Chaudhry, and private equity firm Bellerive Capital. Out of the total, Rs 592.26 crore will be paid in cash, and Rs 239.25 crore will be settled through a share swap, giving Nazara a 3.17% stake in Moonshine Technology.
In addition, Nazara will invest Rs 150 crore in primary shares of Moonshine Technology, making it the majority shareholder in PokerBaazi, a leading online poker platform in India.
Nazara’s Position in Gaming
This acquisition will further strengthen Nazara’s presence in the online skill-based gaming industry, especially in poker. Nitish Mittersain, CEO of Nazara Technologies, emphasized the significance of this move, saying that it aligns with Nazara’s vision of becoming India’s top diversified gaming platform.
Mittersain praised PokerBaazi for its leadership in the Indian poker industry, highlighting its user engagement, innovation, and overall gaming experience. He expressed excitement about partnering with the Moonshine Technology team and foresees rapid growth in the Indian gaming sector with this acquisition.
Moonshine Technology’s Expansion
Founded in 2014 by Navkiran Singh, Moonshine Technology started with PokerBaazi and later expanded into other card games, fantasy sports, and spectator gaming through platforms like CardBaazi and SportsBaazi. Singh, who also serves as CEO of Baazi Games, believes that partnering with Nazara Technologies will contribute to both the domestic and global expansion of Moonshine’s gaming platforms.
Growing Investment Portfolio
Nazara Technologies has been actively acquiring stakes in various gaming startups to expand its portfolio. Recently, it has acquired shares in six companies, including a 15.86% stake in e-sports startup Stan and UK-based Fusebox Games for USD 27.2 million. Nazara also acquired Paper Boat Apps, the developer of Kiddopia, among other assets, showcasing its ambitious growth strategy in the gaming industry.
Nazara’s investment in Moonshine Technology will allow it to leverage the expertise of both companies to drive future growth and contribute to the expansion of India’s gaming ecosystem.
