Nazara Technologies Limited announced today its acquisition of a 47.7 per cent stake in Moonshine Technology Private Limited (MTPL), the parent company of PokerBaazi, for ₹832 crore. The deal includes an additional ₹150 crore primary capital injection into MTPL via compulsory convertible preference shares.
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The shares of Nazara Technologies Limited were trading at ₹1,012.85 up by ₹4.65 or 0.46 per cent on the NSE today at 10 am.
PokerBaazi, India’s largest online poker platform, accounts for over 85 per cent of MTPL’s net revenue. The platform reported approximately 340,000 monthly active users as of May 2024.
Nitish Mittersain, CEO of Nazara Technologies said, “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. We’re excited to join forces with Navkiran, Puneet, and the entire Moonshine team, whose vision and leadership have been instrumental in shaping the poker landscape in India. Together, we look forward to driving growth in this space and taking Indian gaming to new heights, both domestically and globally.”
Navkiran Singh, CEO & Founder, Baazi Games (MTPL) said, “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. With the Hon’ble Prime Minister’s recognition of the gaming sector’s role in shaping India’s $1 trillion digital economy, we are confident that our combined efforts will foster innovation, create new jobs, and further India’s place in the global digital economy.”
