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Nazara Technologies has dropped a plan to buy more stake in Moonshine Technology Private Ltd., the parent company of Pokerbaazi, in light of India’s recently online gaming legislation, it said.
It had entered into an agreement to buy 0.96 per cent stake of Moonshine Technology from I3 Interactive Inc., for an aggregate consideration of around ₹15.90 crores as per an exchange filing.
“Pursuant to the enactment of the Promotion and Regulation of Online Gaming Act, 2025, a material adverse effect (SPA) has occurred due to the prohibition on online real money gaming, including but not limited to real money poker gaming in India. Accordingly, in terms of the SPA, the Company has, on August 31, 2025, issued a Notice of Termination to I3 Interactive Inc.,” said Nazara Technologies.
Nazara already owns 46 per cent stake in Moonshine, buying from other sellers like PSM Group Ltd , Bellerive Capital (BCP) 6 Limited, Shells and Shores Consultancy & Holdings LLP, Puneet Singh, Navkiran Singh, Avneet Rana, Varun Ganjoo, Anirudh Chaudhry and Gurjeet Karan.
With this, Nazara joins the growing bubble of gaming companies exiting the Indian market. Earlier, companies like DreamSports, Gameskraft and Nazara Technologies announced their exit from India with regards to real money gaming activities. Dream11’s parent company Dream Sports said the ban on real money games would result in a loss of around 95 per cent of the group’s revenue.
Meanwhile, in Q1FY26, Nazara reported “nil” RMG contributions to revenue and EBITDA as Nazara does not hold a majority stake or exercise control on Pokerbaazi. In terms of investment, Nazara has invested ₹805 crores towards equity shares in Moonshine through a combination of cash and stock and, in addition, holds compulsory convertible shares amounting to ₹255 crores. Nazara said it does not anticipate any material adverse impact on its operating financial performance.
Nitish Mittersain of Nazara, had earlier said Moonshine will pivot its business into long term, sustainable direction going ahead.
“We will evaluate the potential impairment of our investment in Moonshine, but with our strong revenues, profitability, and cash flows, Nazara is well placed to absorb any impact with ease,” said Mittersain in a press release.
Published on August 31, 2025
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Nazara Technologies terminates plan to acquire further stake in Moonshine Technology – BusinessLine
