Nazara Technologies acquires 47.7% stake in Moonshine Technology (PokerBaazi)

For a consideration of Rs 982 cr

Nazara Technologies has announced the acquisition of a 47.7% stake in Moonshine Technology (MTPL or Moonshine), the parent company of PokerBaazi, India's top online poker gaming platform, for Rs 832 crore through a secondary transaction. Additionally, Nazara will inject Rs 150 crore in primary capital into Moonshine via compulsory convertible preference shares.

PokerBaazi is India's largest online poker platform, driving over 85% of Moonshine's net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. PokerBaazi had ~340,000 monthly active users as of May 2024. The company's success is attributed to its dynamic and forward-thinking leadership team, led by Founder & CEO Navkiran Singh and Co-Founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry, whose combined efforts are driving the transformation of India's poker ecosystem.

 

Powered by Capital Market - Live News