Nazara to Acquire 48% Stake in PokerBaazi Operator Moonshine Technology
Date: 2024-09-13 Author: Alex Crawford Categories: EVENTS
As part of the deal, Nazara Technologies paid Rs 832 crore (approximately US$99.2 million) for a 47.7% stake in Moonshine Technology. Additionally, the company has invested Rs 150 crore in the equity of the operator through mandatory convertible preference shares. These shares will automatically convert into common shares upon completion of the deal.
PokerBaazi: The Leading Brand
PokerBaazi, Moonshine’s flagship brand, has around 340,000 monthly active users and accounts for 85% of the company’s total revenue. Apart from the poker platform, Moonshine also owns fantasy sports platform SportsBaazi, which generates 12% of the total revenue.
Moonshine Technology is founded and run by Navkiran Singh, who is co-founded by Puneet Singh, Varun Ganju, Avneet Rana and Anirudh Chaudhry.
Singh said that the partnership with Nazara is an important step in the development of the Indian gaming ecosystem. “The growth of the gaming industry in India is impressive and this partnership with Nazara will allow us to expand our horizons both in India and internationally,” he said.
Significance of the deal for Nazara Technologies
Nazara Technologies CEO Nitish Mittersain also noted the significance of the deal, emphasizing that it will strengthen the company’s position as a leading gaming platform in India. “Investing in Moonshine Technology is an important step for us and will strengthen our leadership position in the market,” Mittersain said.
"PokerBaazi has established itself as the undisputed leader in online poker in India, setting new standards for user engagement, innovation and service quality. We are delighted to partner with the Moonshine team led by Navkiran Singh, whose vision has had a profound impact on the growth of the poker industry in the country," he added.
The deal comes amid recent changes in India's tax policy. On September 9, the Goods and Services Tax (GST) Council decided to retain the 28% turnover tax on gambling operators. Finance Minister Nirmala Sitharaman said that since the introduction of the tax, online gaming revenue has grown by 412% to reach Rs 6,909 crore (around $823 million) in the November-April period.
