Nazara Tech invests Rs 982 crore in PokerBaazi owner Moonshine Technology

Mumbai-based gaming and esports company Nazara Technologies has acquired a 47.7% stake in Moonshine Technology, the owner of PokerBaazi, for Rs 832 crore through a secondary transaction.

Additionally, Nazara will invest Rs 150 crore into Moonshine via compulsory convertible preference shares.

Nazara's acquisition spree

Over the past few months, Nazara Technologies has been on a buying spree, strategically acquiring companies to bolster its global presence and strengthen its position in the domestic market.

Earlier this week, the Nitish Mittersain-led company announced the acquisition of a 15.86% stake in GetStan Technologies Pte. Ltd (STAN), an esports community platform, for Rs 18.4 crore in an all-cash deal.

Late last month, Nazara also announced the completion of a 100% stake in UK-based Fusebox Games in a deal valued at Rs 230 crore, further expanding its portfolio.

The Mumbai-based company's subsidiary, Absolute Sports, acquired assets from DeltiasGaming.com in the same month.

Additionally, in July, Nazara acquired an additional 48.42% stake in Paper Boat Apps Pvt. Ltd (PBA) from its founders, Anupam and Anshu Dhanuka, for Rs 300 crore.

These continued acquisitions made India's Nazara the 8th largest global gaming acquirer, according to the Drake Star Partners' Global Gaming Report for the second quarter of 2024.

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PokerBaazi's market presence

Founded by Navkiran Singh, Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry, PokerBaazi is an online poker platform. The platform drives 85% of Moonshine’s net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. 

PokerBaazi boasted approximately 340,000 monthly active users as of May 2024.

“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," Nazara CEO Mittersain.

“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," said Navkiran Singh, who is also the CEO of Baazi Games.