Acquisition of 48% share in Moonshine Technology, operator of PokerBaazi, by India's Nazara
Purchasing Moonshine from Nazara PokerBaazi
Nazara will acquire the shares for ₹832 Crore (£75.4m/€89.3m/$99.2m) as stipulated in the agreement. In addition, Moonshine, the operator of PokerBaazi, would receive ₹150 Crore in primary capital from Nazara in the form of obligatory convertible preference shares. Upon closing, this stock will be automatically converted into equity shares.
About 340,000 people play PokerBaazi every month, and 85% of the company's income comes from that one brand. A further 12% of Moonshine's income comes from the fantasy sports platform SportsBaazi.
With the help of co-founders Anirudh Chaudhry, Avneet Rana, Puneet Singh, and Varun Ganjoo, Moonshine is led by CEO and founder Navkiran Singh.
According to Navkiran Singh, "our firm belief is that partnering with Nazara is the right step towards advancing the nation's gaming ecosystem." This statement was made in response to the expanding Indian gaming business. "Our goal is to expand globally in the gaming space, and this partnership will help us get there."
Purchase marks a "significant" milestone for Nazara
Nitish Mittersain, CEO of Nazara, also spoke out over the acquisition. He went on to say that it would help the Indian gaming business as it continues to develop.
With this investment in Moonshine Technology, Nazara is taking a giant leap forward in its mission to become India's preeminent diverse gaming platform, according to Mittersain.
When it comes to online poker gaming in India, PokerBaazi is head and shoulders above the competition. The site has also revolutionised user interaction, introduced groundbreaking features, and provided an unparalleled experience. We're thrilled to be partnering with Navkiran, Puneet, and the rest of the Moonshine crew, whose leadership and vision have changed the face of poker in India.
After evaluating it for six months following the policy's rollout, the Goods and Services Tax (GST) Council in India decided to retain the 28% turnover tax for gaming businesses earlier this week (9 September).
Online gambling revenue increased by 412% to ₹6,909 Crore ($823m/£628m) between November and April, according to Minister of Finance and Corporate Affairs Nirmala Sitharaman's media statement.
