 "Nazara invests ₹982 crore in Moonshine Technology, acquiring a significant stake in India’s leading online poker platform, PokerBaazi.")
Nazara Technologies has announced a significant investment of Rs 982 crore in Moonshine Technology, the parent company of India’s leading online poker platform, PokerBaazi. This deal includes Nazara acquiring a 47.7 percent stake in Moonshine for Rs 831.51 crore, which comprises both cash and a share swap. Additionally, Nazara plans to invest another Rs 150 crore in a convertible equity option. According to Nazara’s CEO, PokerBaazi has established itself as a leader in online poker gaming, showcasing innovation and user engagement. This partnership aims to support the growth of India’s digital economy and expand global opportunities in the gaming sector, aligning with the government’s vision for the industry.
Nazara Technologies, a prominent player in the esports industry, has announced a significant investment of Rs 982 crore in Moonshine Technology, the parent company of India’s leading online poker platform, PokerBaazi. This strategic move reflects Nazara’s commitment to expanding its footprint in the booming online gaming sector.
The investment involves acquiring a 47.7% stake in Moonshine Technology for Rs 831.51 crore. This comprises Rs 592.26 crore in cash and a share swap worth Rs 239.25 crore. Notably, this arrangement allows select investors and members of Moonshine’s management, including CEO Navkiran Singh, to hold a 3.17% stake in Nazara Technologies.
In addition to the stake purchase, Nazara will allocate Rs 150 crore to subscribe to a compulsory convertible bond, which may be converted into equity later as per agreed terms. Nazara CEO Nitish Mittersain praised PokerBaazi for its leadership in the online poker space, highlighting its exceptional user engagement and innovative approaches.
Moonshine Technology also operates the fantasy gaming platform SportsBaazi, which contributes about 12% of the company’s total revenue, while PokerBaazi accounts for over 85%. This partnership is positioned to enhance Nazara’s ambitions for global expansion in the gaming Market, especially as India aims to establish itself in the growing digital economy.
This investment not only signifies a robust commitment to the gaming industry but also indicates a collaborative approach towards innovation and job creation in the sector.
SEO Tags: Nazara Technologies, Moonshine Technology, PokerBaazi, online gaming, esports investment, digital economy, gaming sector in India, real money gaming, online poker.
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What is Nazara planning to do with PokerBaazi’s parent firm?
Nazara is planning to invest Rs 982 crores to buy a 47.7% stake in the company that owns PokerBaazi. -
Why is Nazara investing in PokerBaazi?
Nazara sees PokerBaazi as a growing opportunity in the online gaming Market, and they believe it can help expand their business. -
How much of PokerBaazi’s parent firm will Nazara own after the investment?
After the investment, Nazara will own 47.7% of PokerBaazi’s parent firm. -
What does this investment mean for PokerBaazi?
This investment will provide PokerBaazi with more resources to grow and improve its services. - How does this fit into Nazara’s overall strategy?
This investment aligns with Nazara’s strategy to strengthen its presence in the online gaming industry and tap into the growing poker Market.
