In addition, Nazara will inject 1.5 billion Indian Rupees of primary capital into Moonshine through mandatory convertible preference shares.
PokerBaazi is the largest online poker platform in India, contributing over 85% of the net revenue for Moonshine, while its fantasy sports platform SportsBaazi accounts for 12%. As of May 2024, PokerBaazi has about 340,000 active users per month.
The company's success is attributed to its dynamic and forward-looking leadership team, led by founder and CEO Navkiran Singh and co-founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry, whose collective efforts have transformed the Indian poker ecosystem.
Nazara Technologies CEO Nitish Mittersain commented on this development, saying: "This investment in Moonshine Technology represents a significant step in strengthening Nazara's position as a leading diversified gaming platform in India. PokerBaazi has not only become the undisputed leader in the online poker gaming sector in India but has also set new standards in user engagement, innovation, and overall experience."
"We are excited to work with Navkiran, Puneet, and the entire Moonshine team, whose vision and leadership have played a crucial role in shaping the Indian poker landscape. We look forward to driving the development of this sector together and taking Indian gaming to new heights both domestically and globally."
Baazi Games (MTPL) CEO and founder Navkiran Singh also shared his views: "With the continuous growth of the Indian gaming industry, we firmly believe that partnering with Nazara Technologies is the right step in advancing the development of the Indian gaming ecosystem. This collaboration will also help us achieve our goal of global expansion in the gaming sector. Given the Prime Minister's recognition of the role of the gaming industry in shaping India's 1 trillion-dollar digital economy, we believe our joint efforts will foster innovation, create new job opportunities, and further enhance India's position in the global digital economy."
