India’s Nazara Technologies has acquired a 47.7 per cent stake in Moonshine Technology, the parent company of Indian online poker gaming platform PokerBaazi, for Rs 832 crores through a secondary transaction. Additionally, Nazara will inject Rs 150 crores in primary capital into Moonshine via compulsory convertible preference shares.
PokerBaazi drives over 85 per cent of Moonshine’s net revenue, while its fantasy sports platform, SportsBaazi, contributes 12 per cent. According to official information, PokerBaazi had 340,000 monthly active users as of May 2024. The company is led by founder & CEO Navkiran Singh and co-founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry.
Commenting on the development, Nazara Technologies CEO Nitish Mittersain said, “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. 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.”
Baazi Games is a technology, gaming and information company based in New Delhi founded in 2014. The company operates various real money games like CardBaazi, PokerBaazi and SportsBaazi. The company is a subsidiary of Moonshine Technology.
Baazi Games (Moonshine Technology) CEO & founder Navkiran Singh shared, “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. 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.”
Moonshine Technology is a game developer known for creating poker and spectator games. The company provides services for the casino market such as online marketing, payment reconciliation, payout processing to users, tournament management and affiliate partner management and more.