Nazara Technologies shares up 1% as firm to acquire 48% stake in PokerBaazi parent Moonshine Technology; check details

Additionally, Nazara will inject ₹150 crore in primary capital into Moonshine via compulsory convertible preference shares.

"PokerBaazi is India’s largest online poker platform, driving over 85% of Moonshine’s net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. PokerBaazi had nearly 340,000 monthly active users as of May 2024. The company’s success is attributed to its dynamic and forward-thinking leadership team, led by Founder & CEO Navkiran Singh and Co-Founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry, whose combined efforts are driving the transformation of India’s poker ecosystem," the company said in its press release. 

Navkiran Singh, CEO & Founder, Baazi Games (MTPL), said, "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.”

As of June 30, 2024 quarter, Rekha Jhunjhunwala had an 8.37% stake in the company. Rekha Jhunjhunwala is the wife of the late investor Rakesh Jhunjhunwala, who was known as the Warren Buffett of India.

Last week, Nazara Technologies announced the completion of the acquisition of Paper Boat App (Paperboat) in a ₹300 crore deal. The company informed bourses that on September 6, it acquired 5,157 shares, representing 48.42% of the equity share capital of Paperboat, from the latter’s founding shareholders.