Nazara Tech up 4%, hits 52-wk high on Rs 982-cr investment in ‘PokerBaazi’: Nazara Technologies share price
Source: Business Standard
Illustration: Binay Sinha
Nazara Technologies hits 52-week high: Shares of Nazara Technologies surged up to 4.24 per cent to hit an intraday high of Rs 1,049.60 per share on Friday, September 13, 2024.
The uptick in Nazara Technologies share price came after the company announced that it has invested Rs 982 crore in Moonshine Technology Private Limited, which owns and operates online poker gaming platform ‘PokerBaazi.’
In an exchange filing, the company said, “Nazara Technologies Limited has announced the acquisition of a 47.7 per cent stake in Moonshine Technology Private Limited (“MTPL” or “Moonshine”), the parent company of PokerBaazi, for Rs 832 crore through a secondary transaction. Additionally, Nazara will inject Rs 150 crore in primary capital into Moonshine via compulsory convertible preference shares.”
Nitish Mittersain, CEO of Nazara Technologies said, “This investment in Moonshine Technology represents a significant step in our journey to strengthen Nazara’s position as India’s dominant diversified gaming platform.”
He added that 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.
“We’re excited to join forces with Navkiran, Puneet, and the entire Moonshine team, whose vision and leadership have been instrumental in shaping the poker landscape in India. Together, we look forward to driving growth in this space and taking Indian gaming to new heights, both domestically and globally,” Mittersain said.
PokerBaazi, India’s largest online poker platform, is a major revenue driver for Moonshine, contributing over 85 per cent of its net revenue. In May 2024, PokerBaazi boasted approximately 340,000 monthly active users. Additionally, Moonshine’s fantasy sports platform, SportsBaazi, accounts for 12 per cent of the company’s revenue.
“As the Indian gaming sector continues to grow, we firmly believe that partnering with Nazara Technologies is the right step toward advancing the nation’s gaming ecosystem. 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 $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,” said Navkiran Singh, CEO & founder, Baazi Games (MTPL).
Nazara Technologies is a leading diversified gaming and sports media platform with a key presence in both emerging and developed markets, including Africa and North America. The company’s portfolio spans interactive gaming, eSports, and gamified early learning ecosystems.
The company boasts a strong lineup of proprietary IP, including popular mobile games like WCC and CarromClash, gamified early learning solutions such as Kiddopia, and eSports and media platforms like Nodwin and Sportskeeda.
Additionally, the company owns Halaplay Technologies Private Limited (Halaplay) and Qunami, which focus on skill-based, fantasy, and trivia games. Notably, Nazara was an early entrant into the Indian eSports scene with Nodwin and cricket simulation through Nextwave.
The market capitalisation of Nazara Technologies is Rs 7,848.96 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE SmallCap category.
At 10:49 AM, Nazara Technologies shares were trading 1.85 per cent higher at Rs 1,025.45 per share. In comparison, BSE Sensex was trading 0.06 per cent lower at 82,915.11 levels.
First Published: Sep 13 2024 | 10:55 AM IST
