Nazara picks up 47% stake in PokerBaazi parent Moonshine for Rs 832 crore
Nazara Technologies has acquired 47.7% stake in Moonshine Technology, the parent company of online poker gaming platform PokerBaazi, for Rs 832 crore through a secondary transaction.
Additionally, Nazara will inject Rs 150 crores in primary capital into Moonshine via compulsory convertible preference shares, the Mumbai-based firm said in a stock exchange filing.
Led by founder and CEO Navkiran Singh and cofounders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry, Moonshine generates over 85% of its net revenue from PokerBaazi, while its fantasy sports platform, SportsBaazi, contributes 12%. As of May 2024, PokerBaazi had around 340,000 monthly active users.
“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,” said Nitish Mittersain, CEO of Nazara Technologies.
This transaction follows Nazara’s recent acquisition of a 15.8% stake in esports community platform Stan for Rs 18.4 crore.
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