Nodwin Gaming, a material subsidiary of Nazara Technologies Limited, has signed definitive and binding documentation to raise US $28 million from new and existing investors. The majority of these funds will be channelised towards growing the gaming and esports ecosystem of Nodwin by expanding and incubating newer IPs, growing the emerging market footprint of the company and for strategic acquisitions that drive value to the network.
As per the statutory filing, all existing investors of Nodwin Gaming (Nazara, Krafton and JetSynthesys) will join new incoming investors in this funding round. Nodwin last raised funds in March 2021 from South Korean gaming company Krafton at US $135 million value and this round values Nodwin at US $325 million pre-money and US $349 million post money which leads to a value accretion of 2.7x in two years.
Nodwin Gaming co-founder and managing director Akshat Rathee said, “I am extremely grateful and blessed that we have been able to exhibit a revenue CAGR of 68 per cent over the last two years in a tumultuous market. We have managed this growth while being able to maintain profitability in our business and gain a globally dominant position in mobile esports while delivering shareholder value. The team in Nodwin led by co-founder Gautam Virk has been instrumental in manifesting this vision into 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 is 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.”
This deal was spearheaded by Nodwin Gaming CEO Sidharth Kedia. Murtaza Somjee from Jerome Merchant + Partners was the legal advisor.
