Nazara Technologies, an esports business, announced on Friday that it would invest Rs 982 crore in Moonshine Technology, the company behind the real money gambling platform PokerBaazi.
Nazara will purchase a 47.7% share in Moonshine Technologies for a total of Rs 831.51 crore as part of the agreement. This amount includes a cash transaction of Rs 592.26 crore and a share swap worth Rs 239.25 crore.
A portion of investors and management, including Navkiran Singh, the CEO and founder of Baazi Games, will now own 3.17% of Nazara Technologies as a result of the share swap agreement.
In addition, Nazara will contribute Rs 150 crore to subscribe for a 100% mandatory convertible bond that, according to the terms of the agreement, can be converted into equity at a later time.
“Nazara to invest Rs 982 crore in Moonshine Technology which owns India’s leading online poker gaming platform PokerBaazi,” said Nazara in a press release.
“Nitish Mittersain, CEO of Nazara Technologies, stated that PokerBaazi has not only become the clear leader in online poker gaming in India, but it has also raised the bar for user engagement, innovation, and overall experience.”
In addition, Moonshine owns SportsBaazi, a fantasy gambling platform that accounts for about 12% of the company’s income, with PokerBaazi accounting for over 85%.
“This collaboration will help us achieve our goal of becoming a global player in the gaming industry. We are optimistic that our joint efforts will stimulate innovation, create new jobs, and further India’s place in the global digital economy, especially in light of the Hon’ble Prime Minister’s recognition of the gaming sector’s role in creating India’s USD 1 trillion digital economy,” Singh stated.
Nazara to invest Rs 982 cr in PokerBaazi parent firm, buy 47.7% stake | Company News
