NODWIN To Raise Funding, Will No Longer Be Nazara Subsidiary

SUMMARY

Nazara Technologies’ esports subsidiary NODWIN Gaming is raising a fresh round of capital from existing investors to fuel business expansion

However, Nazara will not participate in the fundraise, which will lead to the dilution of its stake and loss of its majority control in the esports subsidiary

Once the round materialises, Nazara will also give up certain controlling and restrictive rights it currently holds as the majority owner

Listed gaming major Nazara Technologies’ esports subsidiary NODWIN Gaming is raising a fresh round of capital from existing investors to fuel business expansion. However, Nazara will not participate in the fundraise, which will lead to the dilution of its stake and loss of its majority control in the esports subsidiary.

In an exchange filing, Nazara said that its board approved the move in a meeting held today. Notably, the listed gaming company is not selling any existing shares but simply choosing not to invest more. The dilution will happen because other investors are infusing fresh capital.

Once the round materialises, Nazara will also give up certain controlling and restrictive rights it currently holds as the majority owner. This includes rights that could influence major decisions at NODWIN.

As a result, NODWIN, post the deal, will be treated as an “associate company”. Despite the change, Nazara will remain Nodwin’s largest shareholder.

Nazara said that the move to not participate in the esports company’s round aligns with its broader strategy of focussing more on core gaming intellectual properties (IPs), rather than non-core segments.

The changes, however, are subject to shareholder approval. Nazara has called an extraordinary general meeting (EGM) on August 13 to seek approval for the de-subsidiarisation. If shareholders approve, Nazara will then sign detailed agreements to formalise the new structure.

Nazara said these decisions will give NODWIN more financial and operational freedom, helping it grow faster in the competitive esports and youth media space.

NODWIN Growth Story

Founded in 2015 by Akshat Rathee and Gautam Virk, NODWIN operates in the esports, gaming, and youth entertainment segments. It runs gaming tournaments, produces content, handles marketing, and manages live events, both in India and in other parts of the world.

Over the years, NODWIN has attracted investment from companies like Nazara, which owns a majority stake, as well as Krafton, JetSynthesys, Sony Group, and Innopark.

In May 2023, it raised $28 Mn at a post-money valuation of $349 Mn. This funding helped the esports platform to quickly expand its offerings, acquire several firms and grow its footprint.

In late 2024, it acquired esports content platform AFK Gaming and gaming agency Trinity Gaming. Earlier, it also invested in other firms based in Germany, Turkey, and other regions. These acquisitions have helped NODWIN build a strong global presence.

Nodwin has also started running large international events. In October 2024, it organised the PUBG Mobile National Championship finals in Uzbekistan, the country’s biggest esports festival so far. It also worked on the Esports World Cup in Riyadh, handling multi-language production from its Hyderabad office for one of the biggest prize pool events in esports history.