By Sagar V. Mankar Nazara Technologies, a leading gaming and sports media company in India, has made a major move by acquiring a 47.7% stake in Moonshine Technology, the parent company of PokerBaazi.
The deal, worth ₹832 crores (around $99.2 million), includes a ₹150 crore ($17.9 million) investment through compulsory convertible preference shares, bringing Nazara’s total investment in Moonshine to approximately $117 million.
Moonshine’s Growth and PokerBaazi’s Impact
PokerBaazi, a popular online poker game, plays a crucial role in Moonshine Technology’s success, generating 85% of its revenue. As of May 2024, PokerBaazi has a strong user base, boasting around 340k monthly active users.
This acquisition is seen as a significant step for Nazara as it continues to expand its presence in India’s rapidly growing gaming market.
A Major Step for Nazara
Nazara Technologies CEO, Nitish Mittersain, expressed excitement about the deal, calling it a “significant step” in strengthening the company’s position as a leading diversified gaming platform in India.
“We’re thrilled to partner with Navkiran, Puneet, and the entire Moonshine team, whose leadership has been key in shaping the poker landscape in India,” Mittersain said.
With this acquisition, Nazara aims to solidify its standing in the Indian gaming sector, further diversifying its portfolio across various gaming categories, including poker, casual games, and esports.
Baazi Games’ Vision for the Future
Navkiran Singh, CEO and Founder of Baazi Games, which runs PokerBaazi, also sees the partnership as a huge opportunity for the Indian gaming sector. “As India’s gaming industry continues to grow, teaming up with Nazara Technologies is the right move to push the nation’s gaming ecosystem forward,” he said.
Singh also highlighted how India’s Prime Minister recently acknowledged the gaming sector’s role in driving the country’s $1 trillion digital economy. He is optimistic that this partnership will not only bring innovation to the industry but also create jobs and strengthen India’s position in the global digital economy.
Nazara’s Growing List of Acquisitions
This acquisition is part of a broader strategy by Nazara Technologies, which has been actively acquiring companies throughout 2024.
Just last month, Nazara bought Fusebox, the UK-based developer behind the Love Island game, for $27.2 million.
Earlier this year, Nazara also acquired Kiddopia developer Paper Boat Apps, as well as Deltias Gaming, a US-based games content platform.
Additionally, the company took over the remaining shares of marketing agency Freaks 4U, further expanding its footprint in the gaming and media space.
With these moves, Nazara is making it clear that it’s aiming to be a dominant player not just in India but in the global gaming market as well.
The acquisition of Moonshine Technology marks another big step in its journey, ensuring that Nazara continues to grow and stay ahead in the competitive gaming industry.