Nazara subsidiary NODWIN Gaming to raise Rs 232cr from five investors

Indian gaming and sports media company Nazara Technologies said that its material subsidiary NODWIN Gaming is set to raise INR 232 crores ($28 million) from new and existing investors.

In this connection, NODWIN Gaming, which is a gaming and esports company, has inked definitive and binding documentation to secure the investment from five investors.

According to Nazara Technologies, most of the funds raised will be directed towards growing NODWIN Gaming’s gaming and esports ecosystem by expanding and fostering newer IPs, increasing the emerging market presence of the latter, and making strategic acquisitions that bring value to the network.

All the existing investors of NODWIN Gaming, that is Nazara Technologies, South Korean gaming company KRAFTON, and JetSynthesys, as per the statutory filing, will join new incoming investors in the funding round.

In March 2021, NODWIN Gaming raised funds from KRAFTON at a valuation of INR 988 crores ($135 million). The latest round values the gaming and esports company at INR 2,624 crores ($325 million) pre-money and $349 million post-money, which results in a value accretion of 2.7 times in two years.

This deal was steered by NODWIN Gaming CEO Sidharth Kedia, while Murtaza Somjee from Jerome Merchant + Partners is providing legal advice.

Akshat Rathee — NODWIN Gaming Co-Founder and Managing Director said: “The team in NODWIN led by cofounder Gautam Virk has been instrumental in manifesting this vision to reality. As we migrate to the next phase of our evolution, we would like to build a global company that is a significant thought leader and the largest player in the emerging market space.

“We believe that the confluence of gaming, esports and youth culture are colliding extremely fast and we would like to continue to build our value proposition as a Sports media Company (with a focus on esports) to this TG by focusing on the timeshare of their mindshare as the key growth metric.”