NODWIN Gaming raises $28M (INR 232 CR) of equity investment from 5 Investors
Funds will be utilized for IP Development, Geographic expansion and M&A
NODWIN Gaming, a material subsidiary of Nazara Technologies Limited (BSE: Nazara) has signed definitive and binding documentation to raise $ 28M (INR 232 Cr) from new and existing investors. Majority of these funds will be channelized towards growing the Gaming and esports ecosystem of NODWIN by expanding and incubating newer IPs, growing the emerging market footprint of NODWIN and for strategic acquisitions that drive value to the network.
As per the statutory filing, all existing investors of NODWIN Gaming (Nazara, KRAFTON, Inc. and JetSynthesys) will join new incoming investors in this funding round. NODWIN last raised funds in March 2021 from South Korean gaming company KRAFTON, Inc. at $ 135M (INR 988 Cr) value and this round values NODWIN at $ 325M (INR 2624 Cr) pre-money and $349M post money which leads to a value accretion of 2.7X in 2 years.
“I am extremely grateful and blessed that we have been able to exhibit a Revenue CAGR of 68% over the last 2 years in a tumultuous market. We have managed this growth while being able to maintain profitability in our business and gain a global dominant position in mobile esports while delivering shareholder value. 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 focussing on the timeshare of their mindshare as the key growth metric” said Akshat Rathee, Co-Founder and Managing Director, NODWIN Gaming.
This deal was spearheaded by Sidharth Kedia, CEO of NODWIN Gaming. Murtaza Somjee from Jerome Merchant + Partners was the legal advisor.