BENGALURU: Gaming and sports media company Nazara Technologies Limited has acquired a 47.7% stake in Moonshine Technology, the parent company of the online poker gaming platform PokerBaazi, for Rs 832 crore through a secondary transaction.
Additionally, Nazara will invest Rs 150 crore in primary capital into Moonshine via compulsory convertible preference shares, as per the company's filings.
PokerBaazi drives over 85% of Moonshine’s net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. As of May this year, PokerBaazi had approximately 340,000 monthly active users.
Nitish Mittersain, CEO of Nazara Technologies, stated, “This investment in Moonshine Technology represents a significant step in our journey to strengthen Nazara’s position as India’s dominant diversified gaming platform."
Nazara is a listed gaming and esports company with majority ownership of several gaming and esports brands, including the NODWIN Gaming platform and Sportskeeda/Pro Football Network in the sports media space, with a presence in India, the US, and other global markets.
Navkiran Singh, CEO & Founder of Baazi Games (MTPL), commented, “As the Indian gaming sector continues to grow, we firmly believe that partnering with Nazara Technologies is the right step toward advancing the nation’s gaming ecosystem. This partnership will also contribute to our aim for global expansion in the gaming space."
According to Niko Partners' 2024 India Games Market report, 65.4% of respondents engage with esports through playing, watching, or competing in tournaments. The report indicates that those who engage with esports spend, on average, 12% more on gaming compared to those who do not.
Interestingly, more Indian gamers are willing to spend money on games. The report reveals that 77.3% of PC gamers reported spending more on PC games in Q1 2024 compared to the same period last year, a higher increase than in mobile and console gaming.
The report also notes that paying female gamers spend 8.5% more per month on games than their male counterparts. This trend is attributed to rising disposable incomes and increased high-end penetration of smartphones and mobile-first esports tournaments.
About 57% of mobile gamers in the country have played a battle royale title in the past three months, with BGMI and Free Fire leading the way. Additionally, 6 in 10 mobile game spenders surveyed have purchased a battle pass or season pass.
Nazara’s offerings in the gaming segment include gamified early learning ecosystems like Kiddopia and Animal Jam, an IP-based gaming studio, Fusebox, and the cricket simulation franchise World Cricket Championship (WCC), among others.