Digital
Leading with purpose creates wins for consumers, community and country: Hina Nagarajan of Diageo India
Nazara sells 94.86% stake in Openplay, will invest Rs 2.17 crore in ReelSaga
ReelSaga, founded in 2024, aims to become a leader in India’s serialized short drama video market, a rapidly growing segment in the US and China.
In a move to expand into emerging digital entertainment markets, Nazara Technologies has approved an investment of up to USD 250,000 (~INR 2.17 crores) in ReelSaga Innovations Private Limited.
Nazara Technologies Limited has announced key strategic decisions following its Board of Directors meeting held on Friday. The company has approved the sale of its 94.86% equity stake in Openplay Technologies Private Limited parent company of Khel Yaar and Classic Rummy to Moonshine Technology Private Limited parent company of Pokerbaazi for INR 104.34 crores. Additionally, the Board has sanctioned an unsecured loan to Moonshine and a strategic investment in ReelSaga Innovations Private Limited.
According to the regulatory filing, Nazara Technologies has signed a Share Purchase Agreement with Moonshine Technology to transfer its controlling stake in Openplay. The transaction, valued at INR 104.34 crores, will be settled through the issuance of 1,99,890 Compulsorily Convertible Preference Shares (CCPS) of Moonshine. Upon completion, Openplay will cease to be a subsidiary of Nazara and will instead become a subsidiary of Moonshine, in which Nazara currently holds a 46.07% equity stake and 2,87,376 CCPS.
The Board has also granted in-principle approval for Openplay Technologies to provide an unsecured loan of up to INR 20 crores to Moonshine. This transaction aligns with Nazara’s broader strategic vision for the real money gaming sector.
Investment in ReelSaga Innovations
In a move to expand into emerging digital entertainment markets, Nazara Technologies has approved an investment of up to USD 250,000 (~INR 2.17 crores) in ReelSaga Innovations Private Limited. This investment, to be executed in multiple tranches, will see Nazara acquire a 3.57% stake in the company.
ReelSaga, founded in 2024, aims to become a leader in India’s serialized short drama video market, a rapidly growing segment in the US and China. The platform plans to offer microtransaction-based monetization and subscription models.
SPOTLIGHT
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