Tag Archives: Nazara

Technology tamfitronics India-based gaming and sports media company Nazara Technologies has acquired a 47.7% stake in Moonshine Technology Private, operator of the PokerBaazi online poker platform.As part of the deal, Nazara will pay ₹832 Crore (£75.4m/€89.3m/$99.2m) to purchase the stake. Nazara will also inject ₹150 Crore in primary capital into PokerBaazi operator Moonshine via compulsory convertible preference shares. This stock will automatically convert into equity shares once the deal is completed. The flagship PokerBaazi brand has approximately 340,000 monthly active users and draws 85% of the company’s net revenue. Moonshine also operates the SportsBaazi fantasy sports platform, which generates 12% of overall revenue.Moonshine is headed by founder and CEO Navkiran Singh, with support from co-founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry.“As the Indian gaming sector continues to grow, we firmly believe that...