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Online gaming bill: Nazara's MD Mittersain flags potential risk to PokerBaazi-owned Moonshine investment
Nazara Technologies Joint Managing Director and CEO Nitish Mittersain said the company is resilient to any kind of disruption
According to Joint CEO Nitish Mittersain, Nazara Tech's 80% of revenues come from international markets through core gaming IP.
Online gaming firm Nazara Technologies, which holds "indirect" exposure in Moonshine Technologies Private Limited, the parent firm of PokerBaazi, has flagged potential risk to its investment amid fears of a looming ban on real money gaming companies.
The Centre has tabled The Promotion and Regulation of Online Gaming Bill, 2025, in the Lok Sabha on Wednesday, aimed at regulating online betting and money gaming platforms. If enacted, it will mark a major shift in India’s digital policy, positioning the country as a potential global leader in regulated online gaming while cutting off avenues for money-based gaming.
Nazara Technologies Joint Managing Director and CEO Nitish Mittersain said the company is resilient to any kind of disruption. "We own 46% in Moonshine, and if the government bans real money gaming, that particular investment could potentially be at risk," Mittersain said.
Nazara has so far invested Rs 805 crore in Moonshine via equity (cash and stock) and holds compulsory convertible shares worth Rs 255 crore. Mittersain said that the company would think of converting the Rs 255 crore shares, which are due in 2-3 years, depending upon the circumstances.
"The important clarification I want to make is that the revenue and profitability of Nazara would not get impacted," the CEO said in an interview with CNBCTV18.
According to Mittersain, Nazara Tech's 80% of revenues come from international markets through core gaming IP. He added that the company's recent acquisitions have focused only on the gaming IP business.
"We are doubling down our focus on core gaming IP. Currently, at Germany's Gamescom, I am meeting exciting developers who could be potential investment targets for us," Mittersain added.
He said the company is nearly debt-free and reported a cash reserve of Rs 800- Rs 850 crore as of June 30, 2025.
Nazara Technologies posted a consolidated net profit of Rs 51.34 crore during the June quarter of FY2026 compared to Rs 23.6 crore in the same period of FY25. The online gaming company's revenue surged 99.5% year-on-year to Rs 498.7 crore from Rs 250 crore, while EBITDA climbed 87.4% to Rs 47.2 crore from Rs 25.2 crore.
Nazara, backed by marquee investors, said it has no direct exposure to RMG businesses. Referring to its Q1 FY26 results, Nazara highlighted that the contribution and EBITDA from RMG were nil.
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