On September 12, Nazara Technologies announced its largest-ever investment of Rs 982 crore into Moonshine Technology, the parent company of PokerBaazi, one of India’s leading online poker platforms. This move aims to strengthen Nazara’s position in the online skill-gaming sector significantly.
The deal will see Nazara initially acquire a 47.7% stake in Moonshine Technology for Rs 831.5 crore through a secondary transaction. This involves purchasing shares from existing stakeholders, including founders Navkiran Singh and others, as well as private equity firm Bellerive Capital and Influencers Interactive.
The deal comes in the form of Rs 592.26 crore as cash and Rs 239.25 crore through share exchange-3.17% stake in Nazara. Further, Nazara will also inject Rs 150 crore as primary capital into Moonshine through compulsory convertible preference shares.
CEO of Nazara, Nitish Mittersain added that he is very excited about the recent deal because PokerBaazi’s leading status in India’s online poker ecosystem will add impetus to Nazara in terms of growth and innovation in the gaming industry. This deal is also likely to spur growth in the real-money gaming industry that touched $3.1 bn in FY23 and is projected at $7.5 billion by FY28.
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Source: Moneycontrol
News Desk
