Nazara Technologies acquires 47.7% stake in PokerBaazi owner Moonshine Technology for Rs 982cr

Nazara Technologies Limited, India’s leading publicly listed diversified gaming and sports media company, has made a monumental move by acquiring a 47.7% stake in Moonshine Technology Private Limited—the parent company of PokerBaazi—for a staggering INR 832 crores through a secondary transaction. In addition, Nazara Technologies will inject INR 150 crores in primary capital into Moonshine Technology via compulsory convertible preference shares, bringing the total investment to an impressive INR 982 crores.

Nazara Technologies strengthens its foothold in the gaming industry

With this strategic acquisition, Nazara Technologies aims to solidify its position as a dominant force in India’s rapidly growing gaming sector. Moonshine Technology, known for its flagship product PokerBaazi, commands over 85% of its net revenue from the online poker platform, which boasts approximately 340,000 monthly active users as of May 2024. Its fantasy sports platform, SportsBaazi, contributes an additional 12% to the company’s net revenue, highlighting Moonshine Technology’s diversified portfolio in the online gaming space.

Moonshine Technology’s rise in India’s gaming ecosystem

The success of Moonshine Technology is largely attributed to its dynamic leadership team, led by Founder and CEO Navkiran Singh, along with Co-Founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry. Their combined efforts have been instrumental in transforming India’s poker ecosystem, driving innovation, and enhancing user engagement in the competitive online gaming market.

Strategic move to capitalize on India’s digital economy

Nazara Technologies’ CEO, Nitish Mittersain, indicated that this investment represents a significant step in the company’s journey to strengthen its position as India’s dominant diversified gaming platform. He expressed enthusiasm about joining forces with Moonshine Technology’s leadership team to drive growth and take Indian gaming to new heights, both domestically and globally. The collaboration is expected to leverage the strengths of both companies to capitalize on the burgeoning opportunities in the gaming sector.

Expert opinions on the acquisition

Industry experts believe that Nazara Technologies’ substantial investment in Moonshine Technology is a strategic move to capitalize on the rapid growth of India’s digital economy. They suggest that the gaming sector is poised to play a pivotal role in shaping the nation’s $1 trillion digital economy, as recognized by the Hon’ble Prime Minister. By acquiring a significant stake in Moonshine Technology, Nazara Technologies is positioning itself to tap into the expanding market of online gaming and esports.

Financial analysts predict that the acquisition could lead to increased innovation and job creation within the gaming industry. They note that the partnership aligns with the government’s vision of fostering technological advancement and economic growth through digital platforms, potentially setting new benchmarks for the industry.

Future prospects for Nazara Technologies and Moonshine Technology

Navkiran Singh of Moonshine Technology expressed confidence that partnering with Nazara Technologies is the right step toward advancing India’s gaming ecosystem. He believes that the collaboration will contribute to their aim for global expansion in the gaming space. With the combined expertise and resources of both companies, they are poised to foster innovation, create new jobs, and further India’s place in the global digital economy.

This strategic investment by Nazara Technologies is expected to reshape the landscape of the Indian gaming industry. By acquiring a significant stake in Moonshine Technology, the company is not only strengthening its portfolio but also committing to the growth and development of India’s digital economy. As the gaming sector continues to evolve, this partnership could set new standards for innovation and success in the industry.