Nazara, a well-known gaming company, invested Rs 982 crore in Moonshine Technology last September, following the good financial success of PokerBaazi's parent company in FY24.

Moonshine Technology, which operates PokerBaazi, SportsBaazi, and CardBazzi, saw a 55% increase in operational revenue to Rs 415 crore in FY24 from Rs 268 crore in FY23, according to consolidated financial filings obtained from the Registrar of Companies.

Moonshine's sole source of revenue was platform and service transaction fees collected from users. The company also added Rs 9 crore, primarily from interest on bank deposits, bringing its total income to Rs 424 crore in FY24, compared to Rs 273 crore in FY23. Moonshine disclosed at the time of acquisition that PokerBaazi accounts for more than 85% of its net revenue, with its fantasy sports site, SportsBaazi, accounting for 12%.

Moonshine, like other online gaming sites, spent 60% of its budget on advertising. This cost increased 83% to Rs 232 crore in FY24, from Rs 127 crore in FY23. Its employee benefits increased 62% to Rs 89 crore in FY24. Its payment gateway, website/server, client verification, and legal expenditures increased total expenditure by 55.6% to Rs 389 crore in FY24 from Rs 250 crore in FY23.

The company's ROCE and EBITDA margins were 20% and 10.1%, respectively, with an expense-to-earnings ratio of Rs 0.94. Moonshine's total current assets for FY24 were Rs 236 crore, with cash and bank balances of Rs 196 crore.

Nazara has already invested $100 million of the Rs 982 crore ($118 million) in the company, acquiring a 47.7% interest through a combination of secondary and primary share purchases.

In the real-money gaming business, Gamesberry reported revenue of Rs 461 crore and profits of Rs 93 crore in FY24, while MPL saw a 22.2% increase in income from operations to Rs 1,068 crore. Dream11, Gameskraft, and A23 have yet to file their fiscal year end results.