Nazara Technologies purchases 48% stake in Indian poker brand

Nazara Technologies has acquired a 47.7% stake in Moonshine Technology, the parent company of India’s leading online poker platform, PokerBaazi.

Nazara, India’s only publicly listed gaming company, has sealed the deal through a secondary transaction worth INR832 crore (£75.5m), in a move the business said would strengthen its position as the country’s “dominant gaming platform”.

Additionally, Nazara will also pledge a further INR150 crore of primary capital into Moonshine via compulsory convertible preference shares.

PokerBaazi is the jewel in Moonshine’s crown, delivering more than 85% of the company’s net revenue, while SportsBaazi, its fantasy sports platform, is responsible for 12%.

As of May 2024, PokerBaazi boasted around 340,000 monthly active users.

Baazi Games, the umbrella company for PokerBaazi, was co-founded in 2014 by Nitish Mittersain, who also serves as CEO.

Mittersain’s fellow co-founders include director of technology Avneet Rana, marketing director Varun Ganjoo and director of operations Anirudh Chaudhry.

Mittersain 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 and founder of Baazi Games, added: “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. 

“This partnership will also contribute to our aim for global expansion in the gaming space.”

Upon confirmation of the acquisition, shares in Nazara climbed 4.03% to an all-time high on Friday. 

The company’s M&A appetite also seems to be unsatiated, with Mittersain telling NDTV: “The company is very active and focused on new mergers and acquisitions. 

“We have built a very strong deal pipeline and will continue to invest very actively in the coming months. So, we remain very positive about full-year 2025 and even more positive in full-year 2026.”

Earlier this year, Nazara acquired full ownership of Kiddopia publisher Paper Boat Apps, a gamified learning app for children aged between two to eight for a fee of IRL300 crores.

More recently, Nazara announced in September that the company had penned a deal with the Telangana government to build an AI Centre of Excellence with a large emphasis on gaming and digital entertainment. 

While PokerBaazi is a major player in India, Flutter Entertainment-owned Junglee Games is breathing down its neck as the fastest growing skills game company in all of Southeast Asia, with more than 120 million registered players across the region.

Founded in 2012, Flutter acquired a majority stake in the firm nine years later in 2021 for a fee of $66m.

Junglee’s flagship brand comes in the form of Junglee Rummy, famed for its tournaments and large prizes.