EXCLUSIVE: PokerBaazi parent Moonshine cuts jobs across functions, 200 employees impacted
The decision came just a day after Nazara Technologies terminated its plan to acquire the remaining stake in Moonshine Technology Private Limited, citing the regulatory crackdown.
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The online real-money gaming industry in India is facing one of its most turbulent phases following the enactment of the Promotion and Regulation of Online Gaming Act, 2025. The legislation, which imposes a blanket ban on real-money gaming, has triggered widespread layoffs across leading companies in the sector, leaving thousands of employees uncertain about their future.
On Monday, Moonshine Technologies, the parent company of PokerBaazi, laid off more than 200 employees—nearly half of its workforce—across multiple functions. The decision came just a day after Nazara Technologies terminated its plan to acquire the remaining stake in Moonshine Technology Private Limited, citing the regulatory crackdown.
A senior source at Moonshine confirmed the development, stating, “For some functions we have initiated layoffs. It is a very emotional moment for us as we are trying to pivot and at the same time do what best can be for our employees.”
In September 2024, Nazara Technologies had picked up a 47.7 percent stake in Moonshine Technology for around Rs 832 crore. As of August 20, Nazara Technologies holds a 46.07 percent stake in the firm worth Rs 805 crore. Moonshine Technologies, PokerBaazi’s parent, is accounted as an associate and not consolidated in Nazara’s books.
For the quarter ended June, Moonshine Technology reported its highest ever quarterly revenue of Rs 192 crore, while its EBITDA fell to negative Rs 74 crore, which was a result of front-loaded marketing costs of around Rs 110 crore on IPL and SharkTank promotions.
In Q1, PokerBaazi’s gross gaming revenue (GGR) was up by 46 percent year-on-year, gross transactional value rose 23 percent YoY and deposits were 19 percent higher.
The ripple effect of the ban was felt across the industry. Games24x7—the parent company of fantasy sports platform My11Circle—began its own round of layoffs. Multiple sources confirmed that around 400 employees would be impacted as the company recalibrates its strategy amid growing financial stress.
Meanwhile, one of the hardest-hit firms is Mobile Premier League (MPL). Its parent company, Galactus Funware Technology Pvt. Ltd., has carried out one of the largest layoffs in the sector, reportedly letting go of nearly 600 to 700 employees—close to its entire Indian workforce. According to sources, only a handful of staff will be relocated overseas, primarily to the United States, where MPL is betting on its international expansion.
The job cuts at MPL span crucial departments, including marketing, finance, legal, policy, and product development, highlighting the extent of the disruption. For many employees, the sudden changes have raised concerns about long-term career prospects in the gaming sector, once seen as one of the fastest-growing segments of India’s digital economy.
Industry experts say that the sweeping prohibition has left gaming companies scrambling to pivot to free-to-play models or explore overseas opportunities. However, the immediate fallout has been severe—thousands of livelihoods are at stake, and India’s gaming ecosystem faces an uncertain future.
