In one of the largest mergers and acquisitions (M&A) deals in the domestic gaming market, Nazara Technologies has announced the acquisition of Moonshine Technology, the parent company of PokerBaazi, for a total of Rs 982 crore.

Nazara will buy a 47.7 percent share in Moonshine Technology for Rs 832 crore in a secondary sale. The business would also infuse Rs 150 crore in original capital into Moonshine through compulsory convertible preference shares.

PokerBaazi is India's largest online poker site, accounting for more than 85% of Moonshine's net income, while SportsBaazi, its fantasy sports platform, provides 12%. PokerBaazi had over 340,000 monthly active players as of May 2024.

The company's success can be attributed to its dynamic and forward-thinking leadership team, which is led by founder and CEO Navkiran Singh and co-founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry. Their combined efforts are driving the transformation of India's poker ecosystem.

Nitish Mittersain, CEO of Nazara Technologies, stated, "This investment in Moonshine Technology is a significant step in our journey to strengthen Nazara's position as India's dominant diversified gaming platform." PokerBaazi has not only established itself as the uncontested leader in online poker gaming in India, but it has also set new benchmarks for user involvement, innovation, and overall experience."

"We're pleased to collaborate with Navkiran, Puneet, and the whole Moonshine team, whose vision and leadership have helped shape India's poker environment. Together, we hope to drive growth in this field and propel Indian gaming to new heights, both nationally and abroad."