In a strategic attempt to strengthen its position in India's gaming market, Nazara Technologies Limited has declared a Rs 982 crore investment in Moonshine Technology Private Limited, the parent company of PokerBaazi, an Indian online poker gaming platform. The investment includes Rs 832 crores for a 47.7 per cent ownership through a secondary transaction and Rs 150 crore in primary capital via compulsory convertible preference shares.
Talking about the investment Nitish Mittersain, CEO of Nazara Technologies, said, "This partnership with Moonshine Technology is critical in reinforcing Nazara's position as a dominant player in India's diversified gaming sector."
PokerBaazi, Moonshine Technology's flagship entity, dominates the online poker space in India, accounting for more than 85 per cent of the company's net revenue. By May 2024, the platform had roughly 340,000 monthly active users. Along with PokerBaazi, Moonshine's fantasy sports platform, SportsBaazi, contributes 12 per cent of its revenues. The investment not only gives Nazara a large share in a leading gaming platform, but it also provides funds to help Moonshine develop and innovate.
"Partnering with Nazara Technologies aligns with our aim of advancing India's gaming ecosystem and contributing to the country's USD 1 trillion digital economy. This collaboration would encourage innovation, provide job opportunities, and strengthen India's worldwide position in the digital space,” said Navkiran Singh, CEO and Founder of Moonshine Technology on this collaboration.
The investment comes at a time when the Indian gaming industry is rapidly expanding and gaining reputation, thanks to favourable government rules and a flourishing digital economy.
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