The parent company of PokerBaazi, Moonshine Technology, has announced that gaming company Nazara will invest Rs 982 crore to acquire a sizable stake through a combination of primary and secondary share purchases.
According to a disclosure obtained from the National Stock Exchange, Nazara’s board has approved the purchase of 18,96,674 equity shares of Moonshine through a secondary purchase from current shareholders, including PSM Group, Bellerive Capital, and other individuals.
For a total consideration of Rs 832 crore ($100 million), which includes a secondary purchase of Rs 592 crore and a share swap valued at Rs 239 crore, the Mumbai-based company will acquire a 47.7% stake.
Nazara will also invest Rs 150 crore to buy Moonshine’s primary shares as part of the agreement. With this additional investment, Nazara will hold the majority of PokerBaazi’s shares.
One of the biggest consolidations in the poker industry, which is regarded as a skill-based gaming market, is represented by this transaction. Over 85% of Moonshine’s net revenue comes from PokerBaazi, with SportsBaazi, the company’s fantasy sports platform, contributing the remaining 12%. PokerBaazi reported 340,000 monthly active users as of May 2024.
PokerBaazi reported unaudited revenue of Rs 414.9 crore and an EBITDA of Rs 41.2 crore for the fiscal year that concluded in March 2024. Its revenue was Rs 268 crore in FY23, and its EBITDA was Rs 27 crore.
Nazara has been on an acquisition and investment spree since FY25, having acquired or invested in six startups over the past few months. Earlier this week, it acquired a 15.86% stake in e-sports startup Stan. Last month, it acquired UK-based Fusebox Games for $27.2 million in an all-cash transaction. Additionally, Nazara acquired Kiddopia’s developer Paper Boat Apps, secured IP rights for Ultimate Teen Patti, and took over assets of DeltiasGaming.
