Nazara Technologies Sold Its Entire Stake in OpenPlay For ₹104.33 Crore

On March 7, 2025, Nazara Technologies Limited announced that it had successfully sold its 94.85% stake in OpenPlay Technologies Private Limited (OpenPlay) to its subsidiary, Moonshine Technology Private Limited (Moonshine), the parent company of India’s biggest Poker platform, PokerBaazi. Moonshine runs the popular Rummy platform, Classic Rummy.

Value and Benefit of Stake Sale

The said transaction was valued at ₹104.33 crore and will be executed through the issuance of Moonshine’s Compulsory Convertible Preference Shares (CCPS) to Nazara and other sellers.

Through this acquisition, Moonshine enhances its presence in India’s Real Money Gaming (RMG) market by incorporating OpenPlay’s Rummy platform into its current Rummy portfolio. OpenPlay, a prominent midsized Rummy operator, has consistently remained profitable, even amidst recent regulatory changes in the industry.

By integrating OpenPlay’s operations, Moonshine plans to capitalize on its technological, marketing, and data-driven expertise—particularly from its flagship PokerBaazi brand—to drive substantial growth in India’s Rummy market. This collaboration is expected to:

• Increase player engagement through cross-platform strategies.
• Enhance user acquisition by leveraging shared data insights.
• Improve cost efficiencies with unified infrastructure and marketing efforts.

Following the GST regulatory changes, OpenPlay effectively optimised costs and bolstered VIP retention, showcasing resilience in a challenging market. This acquisition paves the way for a scalable and sustainable RMG business model under Moonshine’s leadership.

Management Take on Transaction

Navkiran Singh, Founder & CEO of Moonshine Technology, added: “The acquisition of OpenPlay is in line with Moonshine’s vision of building a holistic made-in-India RMG ecosystem. We look forward to leveraging OpenPlay’s strong foundation and accelerate the growth by enhancing user experience with our best-in-class technology and product innovations we are poised to accelerate growth and enhance user experience by integrating best-in-class technology and product innovations. We look forward to leveraging OpenPlay’s strong foundation and driving synergies that will redefine India’s real-money gaming landscape.”

Deepak MV, CEO of OpenPlay Technologies, commented: We at OpenPlay are excited to join forces with an industry leader like PokerBaazi/Moonshine and this marks a significant step in creating a more formidable RMG powerhouse. We are confident that Moonshine’s proven expertise in RMG will enable us to unlock substantial value in the Rummy segment. We look forward to leveraging the synergy between platforms to drive innovation and exponential growth in the real-money gaming space.

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