 "Nazara to invest Rs 982 cr in PokerBaazi parent firm, buy 47.7% stake")
Esports company Nazara Technologies on Friday said it will invest Rs 982 crore in Moonshine Technology, which owns real money gaming platform PokerBaazi.
As part of the deal, Nazara will buy a 47.7 per cent stake in Moonshine Technology for Rs 831.51 crore comprising Rs 592.26 crore cash transaction and a share swap worth Rs 239.25 crore.
With the share swap arrangement, select investors and management personnel including Baazi Games, CEO and Founder, Navkiran Singh, will hold 3.17 per cent stake in Nazara Technologies.
Besides this, Nazara will invest Rs 150 crore to subscribe to a 100 per cent compulsory convertible which can be converted into equity at a future date as per the agreement clause.
"Nazara to invest Rs 982 crore in Moonshine Technology which owns India's leading online poker gaming platform PokerBaazi," Nazara said in a statement.
"...PokerBaazi has not only emerged as the undisputed leader in online poker gaming in India but has also set new standards in user engagement, innovation, and overall experience," Nazara Technologies CEO Nitish Mittersain said.
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Moonshine also owns the fantasy gaming platform SportsBaazi which contributes around 12 per cent to the company's revenue while over 85 per cent comes from PokerBaazi.
"This partnership will also contribute to our aim for global expansion in the gaming space. With the Hon'ble Prime Minister's recognition of the gaming sector's role in shaping India's USD 1 trillion digital economy, we are confident that our combined efforts will foster innovation, create new jobs, and further India's place in the global digital economy," Singh said.