Nazara Technologies Doubles Down on Real-Money Gaming: Transfers 94.85% Stake in OpenPlay to PokerBaazi Parent

Nazara Technologies, the publicly listed gaming and sports media giant, continues to make bold moves to dominate India’s lucrative real-money gaming (RMG) market. The company is consolidating its RMG assets under Moonshine Technology, the parent company of the market-leading online poker platform PokerBaazi. This consolidation is a two-pronged approach fueled by a significant previous investment and a recent strategic asset transfer.

• ₹982 Crore Investment: In September, Nazara invested a massive ₹982 Crores in Moonshine for a 47.10% stake, including pumping ₹150 Crore in primary capital. This demonstrates Nazara’s strong belief in Moonshine’s potential and its long-term vision for the RMG sector, especially with Moonshine`s flagship PokerBaazi on a strong growth trajectory!

• OpenPlay Transfer: Nazara has now transferred its 94.85% stake in OpenPlay Technologies, operator of the popular Classic Rummy platform, to Moonshine. This transaction, valued at ₹104.33 Crores, is structured as an issuance of Compulsory Convertible Preference Shares (CCPS) by Moonshine to Nazara and other OpenPlay sellers. Nazara had acquired OpenPlay for ₹186.40 Crore in August 2021.

This strategic realignment positions Moonshine, with its flagship PokerBaazi and now Classic Rummy under its umbrella, as a major force in the Indian RMG scape, poised to challenge established players and capitalize on the growing demand for skill-based gaming. The intention is clearly for Moonshine, which also operates CardsBaazi (an integrated poker and rummy platform), to replicate the success of poker in rummy. Essentially, Nazara is saying, “Moonshine, you’re our RMG champion. Take Classic Rummy and run with it.”

Why This Move Matters: A Calculated Gamble

This isn’t just a simple asset transfer. This is a strategic masterstroke, and here’s why it’s got everyone in the industry buzzing:

• Consolidation is King: The Indian RMG market is like a wild west gold rush right now, with everyone scrambling for a piece of the pie. But the smart money is on consolidation – bigger, stronger players emerging through mergers and acquisitions, especially in the wake of the 28% GST on deposits. Nazara is playing this game perfectly. They’re not spreading themselves thin; they’re building a powerhouse. We’ve seen Delta Corp merge Adda52 with A23 and OneVerse gobble up a bunch of gaming platforms (Spartan Poker, PokerDangal, PokerSaint, and BatBall11). Nazara is clearly reading the tea leaves.

• Synergy and Efficiency: Combining PokerBaazi and Classic Rummy under one roof creates significant operational synergies. Moonshine can leverage shared technology, marketing, and user acquisition resources, reducing costs and improving efficiency. Cross-promotion between platforms is also expected to boost user engagement and lifetime value.

• Rummy + Poker = Jackpot: PokerBaazi is already a top dog in online poker. But rummy is even bigger in India. By bringing Classic Rummy under the same roof, Moonshine suddenly has a killer one-two punch to challenge bigger players like A23 which has snapped up Adda52. They can cross-promote, share technology, and snag players from both massive markets.

• Efficiency is Key: Think about it – one marketing team, tech platform, and customer support system. Combining these operations isn’t just about growth but smart, efficient growth. It cuts costs and makes them a leaner, meaner competitor.

• Proven Track Record: The 28% GST on RMG deposits has been a real headache for most companies. But PokerBaazi has weathered the storm surprisingly well. That shows they have the know-how and the player loyalty to succeed even when things get tough. Nazara is betting on that resilience.

• Focus, Focus, Focus: Instead of having its fingers in multiple RMG pies and plates, Nazara can now focus on a single, more robust RMG platform under Moonshine, allowing it to maximize potential returns on its investment.

Navkiran Singh, Founder and CEO of Moonshine Technology, stated, “The acquisition of OpenPlay aligns with our vision to build a comprehensive, made-in-India RMG ecosystem. We look forward to driving growth through innovation and user experience improvements.”

Deepak MV, CEO of OpenPlay, added, “Joining forces with Moonshine will enable us to unlock significant value in the Rummy segment. We are excited about leveraging synergies to drive innovation and growth in the RMG space.”

Nazara’s Broader Strategy: Diversification and Growth

While the Moonshine consolidation is a major focus, it’s important to remember that Nazara isn’t just about real-money gaming. They’re a diversified player, with their hands in everything from eSports to kids’ edutainment to sports news. They’re even making inroads into ad tech. This diversification is smart – it’s like having a well-balanced investment portfolio.

• eSports: Nazara has a dominant presence in eSports through Nodwin Gaming, which continues to expand through strategic acquisitions (Trinity Gaming, AFK Gaming, StarLadder) and new IPs. Nodwin’s Q3 FY25 revenue grew 20% YoY (57% like-for-like, adjusting for de-consolidation).
• AdTech: Nazara’s AdTech business, driven by Datawrkz and the consolidation of Space & Time Media, saw a significant revenue surge in Q3 FY25.
• Gaming: Besides RMG, Nazara’s gaming portfolio includes Kiddopia (edutainment), Animal Jam, and the recently acquired Fusebox Games (UK-based studio known for “Love Island” and “Big Brother” games).
• Sports Media: Absolute Sports, the parent company of Sportskeeda, continues to show positive operational metrics, though Pro Football Network (PFN) traffic remains a challenge.

Nazara’s overall financial performance in 9M FY25 showed a 27% YoY revenue growth to ₹1,103 Crores, though EBITDA was flat due to increased costs. The company is aggressively pursuing M&A to consolidate its market presence across various segments. The Q3 margins were impacted by a few factors, including one-time impairment, cancellation of an event, and consolidation and marketing spending.

Nazara’s stock (FY26 EV to sales of 4.1x and currently trading at ₹932.25) isn’t cheap. But smart investors are looking at the long game. Thanks to these new acquisitions and the Moonshine powerhouse, the potential for Nazara to double its revenue in the next couple of years is very real. That’s why the “buy on dip” advice is floating around.

The Future: A Bold Bet on RMG

Nazara’s move with Moonshine is more than just a business deal; it’s a statement. It’s a declaration that they intend to be a major force in Indian real-money gaming and are willing to make big, bold moves to get there. This story is still unfolding, and it’s going to be fascinating to watch. The Indian RMG scene is maturing, and Nazara is placing itself right at the heart of the action.