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.
In recent months, Nazara has been highly active in acquisitions, particularly through its esports and events arm, Nodwin. These include Comic Con India, West Asia and Turkey-focused marketing firm Publishme, Singapore-based events firm Branded, and Turkish esports firm Ninja Global.
Discover the stories of your interest
Nazara has also expanded its portfolio with acquisitions such as UK-based gaming studio Fusebox Games, Kiddopia developer Paper Boat Apps, and US-based gaming content firm Deltias Gaming.“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,” said Singh.
On March 13, ET reported that Nazara was setting aside about Rs 830 crore for mergers and acquisitions in markets like India, Europe and North America.
For the first quarter of fiscal year 2025, Nazara reported a 13% increase in net profit to Rs 23.6 crore, even as revenue fell 1.7% to Rs 250 crore.
