(MENAFN- IANS) Mumbai, Sep 13 (IANS) Gaming and sports media company Nazara Technologies on Friday said it has acquired 47.7 per cent stake in Moonshine Technology, the parent company of PokerBaazi, for Rs 832 crore through a secondary transaction. Additionally, Nazara will infuse Rs 150 crore in primary capital into Moonshine via compulsory convertible preference shares.
“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 Nitish Mittersain, CEO of Nazara Technologies.
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, he added.
PokerBaazi drives over 85 per cent of Moonshine's net revenue, while its fantasy sports platform, SportsBaazi, contributes 12 per cent. PokerBaazi had 340,000 monthly active users (as of May 2024).
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,” said Navkiran Singh, CEO and Founder, Baazi Games (Moonshine Technology Pvt Ltd).
With Prime Minister Narendra Modi'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,” Singh added.
In esports, Nazara has India's leading esports platform NODWIN Gaming and Sportskeeda/Pro Football Network in the sports media space.
The company also offers gamified early learning ecosystems like Kiddopia and Animal Jam, a leading IP-based gaming studio 'Fusebox', World Cricket Championship (WCC), and other casual games.
Last month, Nazara acquired Fusebox Games, a UK-based gaming studio, for Rs 228 crore ($27.2 million), in an all-cash deal.
-IANS
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