India games firm picks up 47.7% stake in the company

Nazara Technologies has acquired a 47.7% stake in PokerBaazi parent company Moonshine Technology for ₹832 crores ($99.2 million).

The India-based games and sports media firm said it will commit ₹150 crores ($17.9m) into Moonshine via compulsory convertible preference shares. It brings total investment to $117m.

A poker platform, PokerBaazi drives 85% of Moonshine's revenue and has 340,000 monthly active users as of May 2024.

"Significant step"

“This investment in Moonshine Technology represents a significant step in our journey to strengthen Nazara’s position as India’s dominant diversified gaming platform," said Nazara CEO Nitish Mittersain.

“We’re excited to join forces with Navkiran, Puneet, and the entire Moonshine team, whose vision and leadership have been instrumental in shaping the poker landscape in India."

Baazi Games CEO and Founder Navkiran Singh added: “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.

“With the Hon'ble Prime Minister’s recognition of the gaming sector’s role in shaping India’s $1 trillion digital economy, we are confident that our combined efforts will foster innovation, create new jobs, and further India’s place in the global digital economy.”

Nazara has been busy with investments this year as it spends its $100 million M&A war chest. Last month it acquired UK interactive fiction and Love Island game developer Fusebox for $27.2 million.

Other deals include the purchase of Kiddopia developer Paper Boat Apps, US games content platform Deltias Gaming, and the acquisition of the remaining shares in marketing agency Freaks 4U.

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