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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.

PokerBaazi write-off pushes Nazara into losses in Q2 FY26

EntrackrEntrackr · 3d ago
PokerBaazi write-off pushes Nazara into losses in Q2 FY26
Medial

Gaming and sports media firm Nazara Technologies reported a 65% year-on-year rise in operating revenue for Q2 FY26. Moreover, the Mumbai-based company lost profitability due to a write-off of investment in PokerBaazi which was closed due to the enactment of the Promotion and Regulation of Online Gaming Act, 2025. Nazara's operating revenue rose by 65% to Rs 526 crore in Q2 FY26 from Rs 319 crore in Q2 FY25, according to its unaudited financial statements sourced from the National Stock Exchange (NSE). E-sports accounted for 17% (Rs 87 crore) of the company's total operating revenue, while the gaming segment held a 56% share (Rs 296 crore), followed by ad tech, which contributed 27% (Rs 143 crore). Interestingly, Nazara booked Rs 1,105 crore under non-operating income, bringing its overall revenue to Rs 1,631 crore in Q2 FY26 from Rs 344 crore in Q2 FY25. On a half-yearly basis, the company’s revenue increased by 80% to Rs 1,025 in H1 FY26 from Rs 569 crore in H1 FY25. Nazara’s total expenses surged by 66% to Rs 534 crore in Q2 FY26, compared to Rs 321 crore in the same quarter last year. Content cost stood at Rs 160 crore, while employee benefit expenses rose to Rs 78 crore. Notably, marketing expenses saw a sharp nearly 3X jump, reaching Rs 116 crore in Q2 FY26. With the enactment of the Promotion and Regulation of Online Gaming Act, Nazara recognized an aggregate reduction of Rs 914.70 crore in its investment in Moonshine Technologies. Due to this, the company recorded a loss of Rs 34 crore in Q2 FY26 as compared to a profit of Rs 18 crore in Q2 FY25. On a half-yearly basis, the company’s profit declined 57.5% to Rs 17 crore in H1 FY26 from Rs 40 crore in H1 FY25. In August this year, Nazara called off its plan to acquire a minority stake in Moonshine Technology Private Limited, the parent company of online poker platform PokerBaazi, due to the enactment of the Promotion and Regulation of Online Gaming Act, 2025. At the end of the day, Nazara’s share was trading at Rs 257 with a total market capitalization of Rs 9,539 crore (approximately $1 billion).

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