Liquidity Events
Nazara acquires 47.7% stake in PokerBaazi’s parent Moonshine Tech for $100-M
Mumbai-based gaming firm Nazara has invested INR 982 crore in PokerBaazi’s Delhi-headquartered parent company, Moonshine Technology . Nazara will acquire a 47.7% stake for INR 832 crore (USD 100 million), which includes a secondary purchase of INR 592 crore and a share swap valued at INR 239 crore.Nazara will acquire 18,96,674 equity shares of Moonshine from existing shareholders, including PSM Group, Bellerive Capital, and other individuals, via a secondary purchase. As part of the deal, Nazara will also invest INR 150 crore to purchase primary shares of Moonshine. This additional investment will make Nazara as the majority stakeholder in PokerBaazi.PokerBaazi accounts for over 85% of Moonshine’s net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. As of May 2024, PokerBaazi reported approximately 340,000 monthly active users.For the fiscal year ended March 2024, PokerBaazi’s unaudited revenue was INR 414.9 crore, with an EBITDA of INR 41.2 crore. In FY23, its turnover and EBITDA stood at INR 268 crore and INR 27 crore, respectively.
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