Nazara Technologies Acquires 47.7% Stake in PokerBaazi's Parent Moonshine Technology for INR 982 Cr Nazara Technologies has made strategic acquisitions in six startups since FY25, including e-sports startup STAN, Fusebox Games, Paper Boat Apps, and assets of DeltiasGaming, strengthening its gaming portfolio.
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Nazara Technologies has announced an investment of INR 982 crore in Moonshine Technology, the parent company of PokerBaazi, to acquire a major stake. The deal involves a mix of secondary and primary share purchases.
Initially, Nazara will acquire a 47.7% stake in Moonshine Technology for INR 831.5 crore through a secondary transaction. This stake will be purchased from existing shareholders, including Navkiran Singh, co-founders Puneet Singh, Varun Ganjoo, Avneet Rana, Anirudh Chaudhry, and private equity firm Bellerive Capital, among others.
Out of the total INR 831.5 crore, INR 592.26 crore will be paid in cash, while INR 239.25 crore will be settled through a share swap, giving Nazara a 3.17% stake in the company. Additionally, Nazara will invest INR 150 crore in purchasing primary shares of Moonshine Technology, which will make it the majority stakeholder in PokerBaazi.
This acquisition is expected to bolster Nazara's position in the online skill-based gaming sector. According to Nitish Mittersain, CEO of Nazara Technologies, this strategic move is part of the company's larger ambition to become India's leading 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. 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. Together, we look forward to driving growth in this space and taking Indian gaming to new heights, both domestically and globally," said Mittersain.
Nazara Technologies has been active in acquiring or investing in gaming startups. In the past few months, it has acquired stakes in six companies, including a 15.86% stake in e-sports startup Stan and UK-based Fusebox Games for USD 27.2 million. Nazara has also acquired Kiddopia's developer Paper Boat Apps and other gaming assets.
Founded by Navkiran Singh in 2014, Moonshine Technology initially focused on online poker with PokerBaazi before expanding into card games, fantasy sports, and spectator gaming with platforms like CardBaazi and SportsBaazi.
"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 Navkiran Singh, who also serves as CEO of Baazi Games.
