Nazara Technologies, a leading name in India’s gaming and sports media industry, has announced a significant strategic move with the acquisition of a 47.7% stake in Moonshine Technology Private Limited, the parent company of the popular online poker platform PokerBaazi. This acquisition is set to bolster Nazara’s foothold in the online gaming sector and solidify Moonshine as an associate company within its expansive portfolio.
Major Investment to Transform Online Gaming Landscape
The deal, valued at INR 982 crore, includes two major components:
- Acquisition of Equity: Nazara will invest INR 832 crore to acquire a 47.7% stake in Moonshine Technology through a secondary transaction.
- Primary Capital Injection: Additionally, Nazara will infuse INR 150 crore in primary capital into Moonshine via compulsory convertible preference shares.
This dual investment strategy not only secures a substantial equity stake for Nazara but also provides Moonshine with significant capital to fuel its growth and innovation.
Strengthening Market Position
PokerBaazi, India’s leading online poker platform, is a major revenue driver for Moonshine Technology, contributing over 85% of its net revenue. Moonshine’s other platform, SportsBaazi, adds another 12% to the revenue mix. As of May 2024, PokerBaazi boasts approximately 340,000 monthly active users, underscoring its dominance and appeal in the Indian online gaming market.
Strategic Impact of the Acquisition
This acquisition is poised to enhance Nazara’s position in the gaming industry by integrating a high-growth online poker platform into its operations. It aligns with Nazara’s strategic goal of expanding its footprint in digital gaming and leveraging emerging opportunities in the sector.
Nitish Mittersain, CEO of Nazara Technologies, expressed enthusiasm about the acquisition: “Investing in Moonshine Technology is a pivotal step in our mission to cement Nazara’s leadership as India’s foremost diversified gaming platform. PokerBaazi’s exceptional success and innovation set a high standard in online poker gaming, and we are thrilled to collaborate with Moonshine’s visionary leadership team to further elevate the gaming experience.”
Navkiran Singh, Founder & CEO of Moonshine Technology, also shared his perspective: “Partnering with Nazara Technologies is an exciting development for us. As the Indian gaming industry evolves, this alliance will accelerate our growth and global expansion plans. With the Indian government recognizing the gaming sector’s role in the digital economy, we are confident that our combined efforts will drive innovation, create new job opportunities, and enhance India’s standing in the global digital landscape.”
Looking Forward
This strategic partnership marks a new chapter in the evolution of India’s gaming industry. By integrating Moonshine Technology’s robust online poker platform with Nazara’s extensive resources and market presence, both companies aim to foster significant growth and innovation in the gaming sector. The collaboration promises to set new benchmarks for user engagement and technological advancement in online gaming.
Conclusion
Nazara Technologies’ investment in Moonshine Technology represents a bold and strategic move to strengthen its market position and drive the growth of online poker in India. With substantial financial backing and a shared vision for innovation, this partnership is set to redefine the landscape of digital gaming in the country.
