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Nazara terminates deal with I3 Interactive to buy stake in Moonshine

EntrackrEntrackr · 1m ago
Nazara terminates deal with I3 Interactive to buy stake in Moonshine
Medial

Nazara terminates deal with I3 Interactive to buy stake in Moonshine Nazara Technologies Limited has called off its plan to acquire a minority stake in Moonshine Technology Private Limited, the parent company of online poker platform PokerBaazi, following the enactment of the Promotion and Regulation of Online Gaming Act, 2025. In a stock exchange filing, Nazara said that it issued a termination notice to I3 Interactive on August 31, 2025. The company had earlier agreed to purchase 38,073 equity shares, representing 0.96% of Moonshine’s equity from I3 Interactive Inc. for about Rs 15.9 crore. However, with the new law prohibiting real-money online gaming, including poker, Nazara said the deal has triggered a “material adverse effect” under the terms of the Share Purchase Agreement (SPA). Following the introduction of the gaming bill, Nazara promptly suspended its real money gaming operations. Nazara had announced the acquisition of a 46.07% stake in Moonshine in September last year. Besides I3 Interactive Inc, Nazara had bought the shares from a number of sellers, which included PSM Group Limited, Bellerive Capital (BCP) 6 Limited, Shells and Shores Consultancy & Holdings LLP, and others. Although the listed gaming company has consistently clarified that it neither consolidates Moonshine’s financials nor has any revenue exposure to real-money gaming, the ban would effectively render its investment in PokerBaazi worthless. While leading gaming firms such as Dream11, Gameskraft, and MPL have opted not to contest the new law, the parent company of A23, Head Digital Works, has filed a constitutional petition in the Karnataka High Court to challenge it, prompting the court to issue notice to the central government.

Gameskraft lays off 120 employees

EntrackrEntrackr · 1m ago
Gameskraft lays off 120 employees
Medial

Gameskraft, one of India’s largest real-money gaming companies, has laid off about 120 employees across teams as part of a restructuring exercise triggered by the government’s blanket ban on online money games. The layoffs come at a turbulent time for the firm, which is also reeling from a fraud scandal involving former CFO Ramesh Prabhu, who allegedly siphoned off Rs 270 crore over nearly five years. An FIR has been filed against him following the company’s complaint at Bengaluru’s Marathahalli police station. Affected employees will receive severance pay, leave encashment, and extended group health insurance until March 2026, with an option to convert policies to individual plans. Founder Prithvi Singh said the decision was forced by “external realities” and not employee performance, adding that Gameskraft would support outgoing staff during their transition. Founded in 2017, Gameskraft had been one of the fastest-growing real-money gaming firms, operating platforms like Rummyculture and Pocket52, both of which have now been shut following the new law. According to TheKredible, the company’s FY25 net profit dropped 25% to Rs 706 crore because of the 28% GST, increased taxes, and one-time accounting changes. However, the company’s revenue rose 12% to Rs 3,896 crore from Rs 3,475 crore in FY24. Gameskraft joins other gaming firms downsizing after the ban. A23 Rummy (Head Digital Works) cut 500 jobs, Zupee axed 170, MPL is shrinking up to 60% of staff, and Baazi Games has reduced headcount by 200. Games24x7 is reportedly laying off 70% of its workforce.

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