Nazara Technologies, a gaming and sports media company based in India, has made a major acquisition by purchasing a 47.7% stake in Moonshine Technology Private, the operator of the popular PokerBaazi online poker platform. In a deal worth ₹832 Crore, Nazara also plans to inject ₹150 Crore in primary capital into Moonshine through convertible preference shares.

PokerBaazi, the flagship brand under Moonshine, boasts around 340,000 monthly active users and accounts for 85% of the company’s net revenue. Additionally, Moonshine runs the SportsBaazi fantasy sports platform, which contributes 12% to the overall revenue.

The team behind Moonshine is led by founder and CEO Navkiran Singh, along with co-founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry. Singh expressed his excitement about partnering with Nazara, stating that it will help in advancing India’s gaming ecosystem and pave the way for global expansion in the gaming industry.

Nazara CEO Nitish Mittersain also shared his enthusiasm for the acquisition, emphasizing how it will enhance the company’s position as a dominant player in the Indian gaming market. He praised PokerBaazi for its leadership in online poker gaming in India and its commitment to user engagement and innovation.

In other news, the Indian Goods and Services Tax Council recently decided to maintain a 28% turnover tax for gambling operators, following a review of the policy introduced six months ago. Minister of finance and corporate affairs Nirmala Sitharaman highlighted the significant increase in online gambling revenue, attributing it to the implementation of the tax which resulted in a 412% surge to ₹6,909 Crore.

Overall, the partnership between Nazara and Moonshine signifies a key milestone in the Indian gaming industry and sets the stage for further growth and innovation in the market.