Nazara Technologies, led by Joint MD & CEO Nitish Mittersain, has highlighted potential implications for its investment in Moonshine Technologies (PokerBaazi) following the passage of India’s Promotion and Regulation of Online Gaming Bill, 2025, which seeks to ban real-money gaming (RMG) platforms.
Mittersain emphasized Nazara’s robust business model underpinned by international gaming IP, noting that approximately 80% of its revenues come from global markets, with no direct exposure to RMG operations. The company clarified that RMG contributed nil to its revenue or EBITDA in Q1 FY26.
Nazara owns 46% of Moonshine, through which it has invested ₹805 crore in equity and ₹255 crore in compulsorily convertible shares. While Mittersain acknowledged that a ban could jeopardize this investment, he reassured stakeholders that it would not affect the company’s broader financial performance.
Despite reassurances, investor sentiment turned negative-Nazara’s stock plummeted 6–13% over trading sessions on this news.
The bill, aimed at curbing money laundering, addiction, and financial fraud, also has broader industry implications. Gaming associations have urged Home Minister Amit Shah to moderate its terms, warning of a ₹20,000 crore annual tax loss and the risk of pushing gamers toward unsafe offshore platforms.
As Nazara adjusts to the evolving landscape, its core focus on non‑RMG gaming assets offers a buffer against immediate fallout-though the fate of its Moonshine investment hangs in the balance.
