Nazara Technologies, India’s leading publicly listed diversified gaming and sports media company, has announced the investment made in Moonshine Technology Private Limited, the parent company of PokerBaazi, India’s top online poker gaming platform.
Nazara Technologies acquires 47.7% equity stake in Moonshine Technology by making investment of Rs. 982 crores. Nazara invest INR 832 crores through a secondary transaction. Additionally, Nazara will inject INR 150 crores in primary capital into Moonshine via compulsory convertible preference shares.
The Company informs the exchange on Monday, September 12, 2024.
Commenting on the development, Nitish Mittersain, CEO of Nazara Technologies, said: “This investment in Moonshine Technology represents a significant step in our journey to strengthen Nazara’s position as India’s dominant diversified gaming platform. 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.
Navkiran Singh, CEO & Founder, Baazi Games (MTPL) also shared his views, “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.
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