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Nazara acquires 47.7% stake in PokerBaazi’s parent for $100 Mn

EntrackrEntrackr · 1y ago
Nazara acquires 47.7% stake in PokerBaazi’s parent for $100 Mn
Medial

Gaming firm Nazara has announced an investment of Rs 982 crore in PokerBaazi’s parent company, Moonshine Technology, to acquire a majority stake through a mix of secondary and primary share purchases. Nazara’s board has approved the acquisition of 18,96,674 equity shares of Moonshine from existing shareholders, including PSM Group, Bellerive Capital, and other individuals, via a secondary purchase, according to a disclosure sourced from the National Stock Exchange. The Mumbai-based company will acquire a 47.7% stake for a total consideration of Rs 832 crore ($100 million), which includes a secondary purchase of Rs 592 crore and a share swap valued at Rs 239 crore. As part of the deal, Nazara will also invest Rs 150 crore to purchase primary shares of Moonshine. This additional investment will make Nazara as the majority stakeholder in PokerBaazi. This deal represents one of the largest consolidations in the poker space, which is considered a skill-based gaming segment. PokerBaazi accounts for over 85% of Moonshine’s net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. As of May 2024, PokerBaazi reported approximately 340,000 monthly active users. Entrackr reached out to PokerBaazi and Nazara Games last month with a detailed questionnaire regarding the deal. At that time, PokerBaazi’s spokesperson dismissed the news as fake, while Nazara’s spokesperson referred to it as mere speculation. Nazara has been on an acquisition and investment spree since FY25, having acquired or invested in six startups over the past few months. Earlier this week, it acquired a 15.86% stake in e-sports startup Stan. Last month, it acquired UK-based Fusebox Games for $27.2 million in an all-cash transaction. Additionally, Nazara acquired Kiddopia’s developer Paper Boat Apps, secured IP rights for Ultimate Teen Patti, and took over assets of DeltiasGaming.

Nazara terminates deal with I3 Interactive to buy stake in Moonshine

EntrackrEntrackr · 12d 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.

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