Nodwin Gaming raises $28 million in funding from Nazara, Sony, Krafton
Nazara Technologies' subsidiary Nodwin Gaming has agreements in place to raise $28 million from Nazara, South Korean game developer Krafton, Japanese conglomerate Sony Group, Hyderabad-based gaming solutions provider InnoPark India, and digital entertainment and technology firm JetSynthesis.
Nodwin Gaming, situated in Gurgaon, is valued by the funding round at $325 million pre-money and $349 million post-money. Existing stockholders in Nodwin Gaming include Krafton and JetSynthesis in addition to Nazara. The initial investors of Nodwin Gaming would transfer shares worth Rs 34.76 crore to Nazara through the secondary sale, according to Nazara, which was disclosed in its regulatory filing. In addition, Nazara stated that after the transaction is complete, it will own a non-dilutive 52.71% share in Nodwin Gaming.
Akshat Rathee, co-founder and managing director of Nodwin Gaming, stated that the new funding will be applied to acquisitions in order to expand into emerging countries and increase the IP portfolio. The company, which offers esports and online gaming, is present in Turkey, West Asia, South Asia, and Singapore.
In a volatile market, we were able to demonstrate a revenue CAGR (compounded annual growth rate) of 68% over the past two years. We have controlled this growth while still being profitable as a company and becoming the undisputed global leaders in mobile esports, according to Rathee. Nodwin Gaming reported revenue of Rs 381 crore for the fiscal year that ended in March 2023, up from Rs 211 crore in FY22, and Rs 136 crore.
"As we go on to the next stage of our evolution, our goal is to create a multinational business that is the dominant force in emerging markets and a prominent thought leader. We think that the intersection of gaming, esports, and youth culture is happening very quickly, and we want to keep strengthening our value proposition to this target audience as a sports media company (with a focus on esports) by concentrating on the timeshare of their mindshare as the key growth metric," Rathee added. At a valuation of $135 million, the business had already secured $22.5 million from Krafton, the firm that publishes the well-known mobile game PUBG.
Nodwin Gaming, situated in Gurgaon, is valued by the funding round at $325 million pre-money and $349 million post-money. Existing stockholders in Nodwin Gaming include Krafton and JetSynthesis in addition to Nazara. The initial investors of Nodwin Gaming would transfer shares worth Rs 34.76 crore to Nazara through the secondary sale, according to Nazara, which was disclosed in its regulatory filing. In addition, Nazara stated that after the transaction is complete, it will own a non-dilutive 52.71% share in Nodwin Gaming.
Akshat Rathee, co-founder and managing director of Nodwin Gaming, stated that the new funding will be applied to acquisitions in order to expand into emerging countries and increase the IP portfolio. The company, which offers esports and online gaming, is present in Turkey, West Asia, South Asia, and Singapore.
In a volatile market, we were able to demonstrate a revenue CAGR (compounded annual growth rate) of 68% over the past two years. We have controlled this growth while still being profitable as a company and becoming the undisputed global leaders in mobile esports, according to Rathee. Nodwin Gaming reported revenue of Rs 381 crore for the fiscal year that ended in March 2023, up from Rs 211 crore in FY22, and Rs 136 crore.
"As we go on to the next stage of our evolution, our goal is to create a multinational business that is the dominant force in emerging markets and a prominent thought leader. We think that the intersection of gaming, esports, and youth culture is happening very quickly, and we want to keep strengthening our value proposition to this target audience as a sports media company (with a focus on esports) by concentrating on the timeshare of their mindshare as the key growth metric," Rathee added. At a valuation of $135 million, the business had already secured $22.5 million from Krafton, the firm that publishes the well-known mobile game PUBG.
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