Nazara Technologies-backed Baazi Games (Moonshine Technology), which operates the online poker platform PokerBaazi, is reducing its workforce by over 200 people, representing nearly 45 percent of its employees, sources familiar with the matter told Moneycontrol.
Sources said the number could further increase as the process is still ongoing. Moneycontrol has reached out to Baazi Games for a comment and will update the story once we hear back.
These job cuts come after the government introduced a new online gaming law that has imposed a blanket ban on real-money games in the country.
The move comes on the heels of Mobile Premier League (MPL) announcing that it is significantly downsizing its India team. Sources said MPL could reduce its India workforce by around 60 to 80 percent, which currently stands at 500 to 600 employees.
India's new online gaming law prohibits online money games, where a user makes a deposit, directly or indirectly, with the expectation of earning winnings on that deposit.
After Parliament gave its nod to the bill on August 22, RMG companies, including PokerBaazi, suspended contests and games involving money on their platforms, though they continue to offer free-to-play options.
Sources say that Baazi Games is currently evaluating a pivot to other business models, particularly casual games.
In September 2024, Nazara Technologies had announced a Rs 982 crore investment in Moonshine Technology, marking its largest infusion to date as a diversified gaming and sports media firm. This includes paying Rs 831.5 crore to Moonshine shareholders in a secondary transaction and pumping an additional Rs 150 crore in primary capital to the firm.
The company later consolidated its RMG offerings under Moonshine Technology by selling a 94.85 percent stake in OpenPlay Technologies, which operates the popular rummy platform Classic Rummy, to Moonshine through a share swap transaction valued at Rs 104.33 crore.
On August 31, Nazara Technologies however stated that it had terminated plans to acquire 0.96 percent of Moonshine’s equity from I3 Interactive Inc. for about Rs 15.9 crore. The company currently owns 46.07 percent in Moonshine and classifies it as an associate firm.
Moonshine Technology was started by Navkiran Singh in 2014. The firm initially focussed on online poker (PokerBaazi) and subsequently expanded into card games (CardBaazi), and sports trading (SportsBaazi).
Moonshine Technology reported a turnover of Rs 414.9 crore in FY24, as compared to Rs 268 crore in FY23. Earnings before interest, taxes, depreciation, and amortization (EBITDA) was at Rs 41.2 crore in FY24, as compared to Rs 27 crore in FY23. PokerBaazi is the firm's flagship product that contributed more than 85 percent to the company's net revenue.
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