Moonshine Technology Revenue, Valuation, Funding & Investors

Moonshine Technology is valued at $462M as of September 2024, a 4.2x multiple on its last reported $110M revenue.

Last Moonshine Technology valuation

$462M

Secondary · Sep 2024

Last Moonshine Technology funding round

$99M

Strategic investment · Sep 2024

Moonshine Technology revenue

$110M

Secondary · Sep 2024

Key investors in Moonshine Technology

Moonshine Technology Overview

About Moonshine Technology

Moonshine Technology is a Bangalore-based IT services provider handling website maintenance, multimedia content creation, and custom software for SMEs. It develops interactive presentations, e-learning modules, and CMS integrations using PHP, React, and AWS. Serving clients in India's tech corridor since 2015, the firm supports digital transformations for manufacturing and retail sectors.


Founded

2012

HQ

IndiaDelhi

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$110M (Sep 2024)

Valuation

$462M (Sep 2024)

Moonshine Technology Valuation

Moonshine Technology is currently valued at $462M, based on its secondary sale in September 2024.

The $99M round was led by Nazara Technologies.

Moonshine Technology's valuation has grown 2.1x from $220M at its strategic investment round in September 2024 to $462M in September 2024, across 2 priced rounds.

Moonshine Technology valuation by funding round

Revenue multiple
Moonshine Technology valuation by funding round
DateStageValuationRevenue Multiple
Sep 2024Secondary$462M4.2x
Sep 2024Strategic investment$220M5.0x

Moonshine Technology Revenue

Moonshine Technology's latest recorded revenue is $110M, as of its secondary sale in September 2024. At a $462M valuation, that implies a 4.2x revenue multiple.

Revenue grew from $44M in September 2024 to $110M in September 2024, while the revenue multiple moved from 5.0x to 4.2x.

Moonshine Technology revenue by funding round

Moonshine Technology revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Sep 2024$110M$462M4.2xSecondary
Sep 2024$44M$220M5.0xStrategic investment

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Moonshine Technology Funding History

Moonshine Technology has raised a total of $99M across 1 funding round, plus 1 secondary share sale.

Moonshine Technology funding rounds

Moonshine Technology funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2024SecondaryNazara Technologies (lead)$99M$462MMoonshine Technology Private Limited operates India’s leading online poker platform PokerBaazi and the fantasy sports platform SportsBaazi. Nazara Technologies acquired a 47.7% stake in Moonshine for INR 982 crore on September 13, 2024, consisting of INR 592.26 crore in cash, INR 239.25 crore via share swap, and up to INR 150 crore in compulsorily convertible preference shares. This secondary and primary transaction implies a full company valuation of approximately INR 2060 crore. In the financial year ended March 2024 (FY24), Moonshine reported provisional revenue of INR 414.9 crore, up from INR 268 crore in FY23, with EBITDA rising to INR 41.2 crore from INR 27 crore. The deal valued Moonshine at around 4.2X FY24 revenue and 42X FY24 EBITDA. PokerBaazi drives over 85% of Moonshine’s net revenue and had approximately 340,000 monthly active users as of May 2024. This marked Nazara’s largest single investment, aimed at strengthening its position in India’s real-money gaming sector. Moonshine’s founders include CEO Navkiran Singh, Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry.
Sep 2024Strategic investmentNazara Technologies (lead)$99M$220MMoonshine Technology Private Limited (MTPL) is the parent company of PokerBaazi, India's leading online poker platform, and SportsBaazi, a fantasy sports platform. PokerBaazi drives over 85% of Moonshine’s net revenue, with SportsBaazi contributing around 12%, and had approximately 340,000 monthly active users as of May 2024. On September 13, 2024, Nazara Technologies announced the acquisition of a 47.7% stake in Moonshine for INR 832 crore (INR 592.26 crore cash + INR 239.25 crore share swap), plus an additional INR 150 crore primary investment via compulsorily convertible preference shares, totaling INR 982 crore—the largest single investment by Nazara. This implies a post-money valuation of approximately INR 2060 crore. The deal positions Nazara as a dominant player in India's gaming sector, leveraging Moonshine's leadership in online poker and fantasy sports amid industry challenges like the 28% GST on full deposit values implemented in October 2022, which has impacted profitability. Nazara views the investment as key to enhancing its diversified gaming portfolio, with plans for global expansion and innovation. Moonshine's founders, led by CEO Navkiran Singh, see the partnership as advancing India's gaming ecosystem toward the $1 trillion digital economy goal. Nazara completed the INR 150 crore tranche by September 27, 2024, via 2.87 lakh CCPS. This follows Nazara's active M&A strategy, including prior stakes in Paper Boat Apps and others like Publishme and Ninja Global. The transaction underscores consolidation in India's online skill gaming market despite regulatory hurdles, with Nazara citing long-term growth potential.

Who has invested in Moonshine Technology?

1 investor has backed Moonshine Technology across its funding rounds, including Nazara Technologies.

Lead investors include Nazara Technologies.


Moonshine Technology Investors

Investors in Moonshine Technology by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Moonshine Technology

Moonshine Technology has acquired 1 company to date.

Last acquisition by Moonshine Technology was on March 7th 2025. Moonshine Technology acquired Openplay for $12M.


Latest Acquisitions by Moonshine Technology

Openplay
Description
Openplay is a London-headquartered platform connecting sports venues with customers for online bookings, payments, and management. Launched in beta in February 2013 at London school and council facilities, it now serves seven countries including clients like Dubai Sports World. The system markets unsold slots dynamically to boost revenue, akin to OpenTable for sports facilities.
HQ CountryUnited Kingdom
HQ City
London
Deal Date7 Mar 2025
Valuation$12M
EV/Revenue
EV/EBITDA

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Moonshine Technology Competitors

Moonshine Technology competitors include listed companies like CS Disco and Hibino, and private ones like Tokium, Sitemate, Tailor Brands and Workiz.

Public and private companies comparable to Moonshine Technology
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TokiumJapanTokyoPrivate--$213M-
SitemateAustraliaSydneyPrivate--$200M-
Tailor BrandsUnited StatesNew York City, NYPrivate--$200M-
WorkizUnited StatesSan Diego, CAPrivate--$200M-
CS DiscoUnited StatesUnited StatesPublicly listed$157M($44M)$273M1.0x
HibinoJapanJapanPublicly listed$435M$60M$176M0.6x

Moonshine Technology Public Comps

Moonshine Technology is still privately-owned, but its public comps include Hibino, CS Disco, Xp Industrial FII, GetBusy, Valtes Holdings, Dye & Durham, Intellinetics, Ricksoft Co, Nyle and RWS Holdings.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Hibino$435M$60M0.6x0.6x4.3x-
CS Disco$157M($44M)1.1x1.0x(4.0x)(22.1x)
Xp Industrial FII$9M-10.0x---
GetBusy$30M$2M2.1x2.0x35.2x32.5x
Valtes Holdings$77M$6M0.6x0.6x7.4x-
Dye & Durham$316M$116M3.0x3.3x8.2x7.1x
Intellinetics$17M($470K)1.4x1.4x(50.9x)-
Ricksoft Co$70M$3M----

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Common questions about Moonshine Technology

When was Moonshine Technology founded?Moonshine Technology was founded in 2012.
Where is Moonshine Technology headquartered?Moonshine Technology is headquartered in Delhi, India.
Is Moonshine Technology publicly listed?No, Moonshine Technology is a private, VC-backed company.
What is Moonshine Technology's valuation?Moonshine Technology was last valued at $462M in its secondary sale in September 2024.
How much funding has Moonshine Technology raised?Moonshine Technology has raised $99M across 1 funding round.
What was Moonshine Technology's last funding round?Moonshine Technology's last funding round was a $99M strategic investment round in September 2024, led by Nazara Technologies.
Who are Moonshine Technology's investors?Moonshine Technology's investors include Nazara Technologies.
What is Moonshine Technology's revenue?Moonshine Technology's latest recorded revenue is $110M (September 2024).
What is Moonshine Technology's revenue multiple?Moonshine Technology's latest valuation implies a 4.2x revenue multiple ($462M valuation on $110M of revenue).
Which companies are comparable to Moonshine Technology?Companies comparable to Moonshine Technology include Tokium, Sitemate, Tailor Brands, Workiz, CS Disco and Hibino.
How many companies has Moonshine Technology acquired?Moonshine Technology has acquired 1 company, including Openplay.
What was the largest acquisition by Moonshine Technology?The $12M acquisition of Openplay in March 2025 is the largest acquisition Moonshine Technology has made to date.

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