PokerBaazi Parent Moonshine Sees 55% Revenue Surge as Nazara Preps ₹982 Crore Investment in Growing Gaming Empire

Moonshine Technology, the parent company of PokerBaazi, is set to receive a ₹982 crore investment from Nazara Technologies in the next two months. Moonshine reported a significant revenue growth of 55% in the financial year 2024 (FY24), reaching ₹414.9 crore, compared to ₹268 crore in FY23 and ₹102.3 crore in FY22, according to Nazara’s filings with the BSE.

Moonshine operates through key subsidiaries like Ross Technologies, Baazi Networks, Baazi Games, and SBN Gaming Network, offering sports, casual, and fantasy games under brands like PokerBaazi and SportsBaazi. These FY24 revenue and EBITDA figures are provisional and unaudited. EBITDA, which measures profitability before certain deductions, stood at ₹41.2 crore, a 52.5% increase from ₹27 crore in FY23.

Nazara Technologies, a gaming and sports media company, plans to buy a 47.7% stake in Moonshine for ₹832 crore by purchasing shares and investing ₹150 crore through special convertible preference shares. Of this, ₹592.26 crore will be paid in cash, and ₹239.25 crore through a share swap with Nazara’s equity shares. PokerBaazi alone generated 87% of Moonshine’s revenue, while SportsBaazi contributed 12% in FY24, with PokerBaazi having around 340,000 monthly active users.

Nitish Mittersain, CEO of Nazara Technologies, said the investment aims to strengthen Nazara’s position in the gaming industry, helping PokerBaazi expand both in India and globally. Nazara already owns companies in esports, interactive gaming, and sports media, such as Nodwin Gaming and Sportskeeda.

Navkiran Singh, CEO and founder of Baazi Games, praised the government’s support for the gaming sector, calling it a key part of India’s digital economy. He believes the partnership with Nazara will foster innovation, create jobs, and enhance India’s role in the global gaming landscape.

India’s gaming industry is expected to grow by 20% by the end of 2024-25, reaching ₹23,100 crore. Over the past five years, the sector has raised $2.8 billion from investors globally.

Moonshine representatives declined to provide further financial details.