In a significant move, Nazara Games has announced the acquisition of a 48% stake in Moonshine Technology, the operator behind PokerBaazi, for ₹832 Crore. Additionally, Nazara plans to invest ₹150 Crore in primary capital into Moonshine through compulsory convertible preference shares, which will convert into equity shares upon completion of the transaction.
PokerBaazi, the flagship brand of Moonshine, boasts around 340,000 monthly active users and accounts for 85% of the company’s net revenue. PokerBaazi is just as popular in poker as online casinos are. Furthermore, Moonshine also manages the SportsBaazi fantasy sports platform, which contributes 12% to its overall revenue.
Moonshine is led by founder and CEO Navkiran Singh, with support from co-founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry.
“As the gaming industry in India continues to expand, we strongly believe that partnering with Nazara is a pivotal move for enhancing the country’s gaming ecosystem,” Navkiran Singh stated. “This collaboration will also assist us in pursuing our goal of global growth within the gaming sector.”
Acquisition Marks a “Significant” Milestone for Nazara
Nazara’s CEO, Nitish Mittersain, also expressed enthusiasm regarding the acquisition, emphasizing its role in the ongoing transformation of India’s gaming landscape.
“This investment in Moonshine Technology represents a major milestone in our mission to solidify Nazara’s status as India’s leading diversified gaming platform,” Mittersain remarked.
“PokerBaazi has not only established itself as the clear frontrunner in online poker gaming in India but has also raised the bar in user engagement, innovation, and overall experience. We are thrilled to collaborate with Navkiran, Puneet, and the entire Moonshine team, whose vision and leadership have been crucial in shaping the poker scene in India.”
Earlier this week (September 9), India’s Goods and Services Tax (GST) Council decided to maintain the 28% turnover tax on gambling operators, reviewing the policy six months after its implementation.
Finance and Corporate Affairs Minister Nirmala Sitharaman informed the media that online gambling revenue surged by 412% between November and April, reaching ₹6,909 Crore ($823 million/£628 million) as a result of the new tax.
