Nodwin Gaming, a material subsidiary of Nazara Technologies Limited, has signed definitive and binding documentation to raise $28 million (Rs 232 crore) from new and existing investors.
In a regulatory filing, the company said, “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 and for strategic acquisitions that drive value to the network.”
As per the statutory filing, all existing investors of Nodwin Gaming will join new incoming investors in this funding round.
Nodwin last raised funds in March 2021 from South Korean gaming company Krafton Inc at $135 million (Rs 988 crore) value and this round values Nodwin at $325 million (Rs 2,624 crore) pre-money and $349 million 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 per cent 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,” said Akshat Rathee, co-founder and managing director, Nodwin Gaming.
“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,” he added.
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Nodwin Gaming is one of the world’s leading emerging market gaming and esports companies which is building a high growth and sustainable ecosystem. The framework involves synergies across professional esports athletes, teams, content creators, products and audiences.
Nazara Technologies, on Thursday, approved proposal of Nodwin Gaming, a material subsidiary of the company, for raising funds worth Rs 197 crore.
In a regulatory filing, Nazara Technologies said, “The board of directors in principally approved the proposal of Nodwin Gaming Private Limited, a material subsidiary of the company, for raising funds for an amount not exceeding Rs 197.20 crore by way of primary infusion at pre-money valuation of Rs 2,624 crore i.e. further issue of equity shares to certain identified investors, in cash, through private placement subject to requisite approvals.”
