In addition, Nazara will inject Rs 150 crore in primary capital into Moonshine through mandatory convertible preference shares, the Mumbai-based firm said in a stock exchange filing.
Led by founder and CEO Navkiran Singh and co-founders 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 Recent acquisition by Nazara of a 15.8% stake on esports community platform Stan for Rs 18.4 crore.
In recent months, Nazara has been very active in acquisitions, particularly through its esports and events division, 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.
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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. gaming sector continues to grow, we firmly believe that partnering with Nazara Technologies “This partnership is the right step to take forward the gaming ecosystem in the country. This partnership will also contribute to our goal of global expansion in the gaming space,” Singh said.
On March 13, ET reported that Nazara was booking around Rs 830 crore for mergers and acquisitions in markets such as India, Europe and North America.
For the first quarter of fiscal year 2025, Nazara reported a 13% rise in net profit at Rs 23.6 croreeven as revenue fell 1.7% to Rs 250 crore.
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