- Nazara set to inject an additional Rs150cr in primary capital into Moonshine via compulsory convertible preference shares.
In a significant development within the Indian gaming industry, Nazara Technologies Limited has announced its acquisition of a 47.7 per cent stake in Moonshine Technology Private Limited (MTPL), the parent company of PokerBaazi, for a valuation of Rs832 crores through a secondary transaction.
The investment underscores Nazara’s commitment to solidifying its position as a leading diversified gaming platform in India. Along with this acquisition, Nazara is set to inject an additional Rs150 crores in primary capital into Moonshine via compulsory convertible preference shares, demonstrating a robust strategy to enhance both operational capabilities and market reach.
PokerBaazi, a cornerstone of Moonshine’s business operations, is the primary driver of the company’s financial performance, contributing over 85 per cent of net revenue.
Taking gaming to next level
As of May 2024, PokerBaazi boasts approximately 340,000 monthly active users, making it a significant player in the online poker landscape. The platform has been lauded for its innovation, user engagement, and overall gaming experience, establishing itself as the leading authority in online poker gaming in India.
Alongside PokerBaazi, Moonshine’s fantasy sports platform, SportsBaazi, contributes 12 per cent to its net revenue, reflecting the company’s diverse approach to catering to various gaming interests among users.
The strategic acquisition has been met with optimism from both parties involved. Nitish Mittersain, CEO of Nazara Technologies, expressed his enthusiasm, 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.”
Mittersain’s remarks highlight not only the importance of PokerBaazi’s leadership in the online poker segment but also the collective ambition shared between Nazara and Moonshine to elevate Indian gaming on both domestic and global stages.
The partnership posits Nazara as a key player in shaping the future of gaming in India, particularly as the industry gains momentum and recognition.
Navkiran Singh, CEO and Founder of Baazi Games, echoed this sentiment, emphasising the importance of collaboration in advancing the Indian gaming ecosystem. Singh articulated a vision for growth, asserting that the partnership with Nazara is crucial for achieving global expansion within the gaming sector.
His reference to the Prime Minister’s acknowledgment of the gaming industry’s potential in contributing to India’s digital economy further solidifies the importance of this venture.
The combined resources of Nazara and Moonshine Technology are expected to foster innovation, create employment opportunities, and firmly establish India’s presence in the expanding global digital economy.
The gaming industry in India is witnessing unprecedented growth, driven by increasing digital penetration, evolving consumer preferences, and supportive regulatory developments.
Nazara’s investment in Moonshine represents not only a strategic maneuver to enhance its portfolio but also a significant contribution to the overall advancement of the sector.
The collaboration between Nazara and Moonshine is poised to set new benchmarks in user engagement and innovation, thereby enriching the gaming experience for users across India.