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Nazara Technologies-backed Moonshine Technology, which operated PokerBaazi, has started laying off its employees following the ban on real money gaming (RMG) in India.
Sources told Inc42 that the startup has started laying off employees and the number of impacted employees can go up to 50% of its workforce.
A separate report by Storyboard18 said that the creator of PokerBaazi has sacked 200 employees.
Inc42 has sent a questionnaire to Moonshine Technology on the development. The story will be updated on receiving the responses.
With this, Moonshine Technology has become the second startup to resort to layoffs following the ban on RMG. Earlier, it was reported that gaming unicorn MPL is also sacking about 60% of their staff in India.
The development also comes after Nazara decided to not take up an additional stake in Moonshine Technology. Nazara had entered into a definitive agreement with Moonshine Technology to acquire a 47.7% stake in it for INR 831.5 Cr via a secondary transaction.
Currently, Nazara owns 46.07% stake in Moonshine Technology.
Founded in 2014 by Navkiran Singh, Puneet Singh, Anirudh Chaudhry, Avneet Rana and Varun Ganjoo, Moonshine Technology’s flagship product was online poker platform PokerBaazi.
The Startup also provided other card games like Rummy and call break under its CardBaazi gaming platform.
Moonshine Technology discontinued its RMG operations after the passage of the online gaming bill.
(The story will be updated soon)
With Inputs From Gargi Sarkar
The post After MPL, PokerBaazi To Sack 50% Of Its Workforce appeared first on Inc42 Media.
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