Nazara Technologies to invest Rs 982 cr in PokerBaazi

Nazara Technologies is a pioneer in the Indian gaming industry, specializing in esports and mobile games. In addition to assembling a profitable portfolio of well-known titles, the company has made calculated investments in several sports media initiatives. Thanks to its innovative use of technology and business development, the company has emerged as a leader in the quickly growing gaming and esports sectors. Nazara Technologies, one of the oldest gaming companies in the nation, announced in March that it would use its $100 million war chest to expand globally over the course of the next 24 months.

Nazara Technologies owns 47.7% of PokerBaazi:

For Rs 831.5 crore, Nazara Technologies will first purchase a 47.7% share in the parent company of PokerBaazi, and it will subsequently contribute an additional Rs 150 crore to the business. On September 12, Nazara Technologies revealed that it had invested Rs 982 crore, the largest amount the diversified gaming and sports media company has ever made, in Moonshine Technology, the parent company of the online poker platform PokerBaazi.

The deal is expected to significantly raise the company’s profile in the online skill-gaming industry. Additionally, it is a part of Nazara’s endeavor to expand its gaming division, which founder Nitish Mittersain believes will become the business’s main revenue stream in the years to come.

CEO Mittersain Statement:

“Our goal at Nazara is to become the most diversified gaming platform in India, and we are well on our way to achieving that goal with our investment in Moonshine Technology,” said CEO Mittersain. In addition to becoming the clear winner in the Indian online poker competition, PokerBaazi has raised the bar for user involvement, innovation, and overall satisfaction. We are thrilled to collaborate with Puneet, Navkiran, and the whole Moonshine team, whose leadership and vision have greatly influenced the development of the Indian poker scene. Together, we are excited to push this industry forward and elevate Indian gaming to unprecedented levels on a national and international scale.”

Navkiran Singh established Moonshine:

On the other hand, Navkiran Singh established Moonshine Technologies in 2014. After concentrating on online poker for a while, the company moved on to card games, fantasy sports, and spectator gaming, all of which are now part of SportsBaazi. The main product of Moonshine Technology, PokerBaazi, accounts for over 85% of its net revenue in FY24. As of May 2024, the online poker platform reported having approximately 340,000 active monthly users. Previously known as BalleBaazi, SportsBaazi accounted for over 12% of the company’s net revenue in FY24.

Moonshine Technology’s results for FY24:

In FY24, Moonshine Technologies reported a turnover of Rs 414.9 crore, up from Rs 268 crore in FY23. The amount of earnings before interest, taxes, depreciation, and amortization (EBITDA) in FY24 was Rs 41.2 crore, up from Rs 27 crore in FY23.

Nazara Technologies Ltd. 2% stock is up:

The stock of Nazara Technologies Ltd. is currently trading at Rs. 1024.50 per share, nearly 2% higher than its 52-week high of Rs. 1,048.80 per share. The stock has increased 15.79% so far this year. The entire volume of trades for the day was 1.45 times higher than the 30-day average. The index of relative strength was 61.92.

Conclusion: Nazara Technologies owns 47.7% of PokerBaazi, which is advantageous for their business growth and expansion.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.