MUMBAI: India’s leading esports company, Nodwin Gaming, is raising a fresh round of $10 million from existing investors, which does not include majority shareholder Nazara Technologies.
Co-founder, Akshat Rathee, in a LinkedIn post said, “We worked with our friends and major investors in Nazara Technologies Limited (Nitish Mittersain), JetSynthesys (Rajan Navani), KRAFTON India and KRAFTON Inc. (Sean (Hyunil) Sohn) and our family office (Good Game Investments) to take a couple of MAJOR decisions which are: All investors including the founders will infuse 10m USD into Nodwin; Nodwin will cease to be a Nazara subsidiary and will become an associate (without Nazara selling any shares); and founders will increase the stake in the company.”
Rathee said all existing investors, including Gautam Virk, another founder of the gaming company, will be infusing a capital of $ 10 million into the company, reducing Nazara’s shareholdings below 50 percent.
Nazara will remain the largest shareholder and that will classify the company as an associate firm after the fundraise. Nazara Technologies acquired a 55 percent majority stake in Nodwin Gaming in January 2018 and participated in the company’s $28 million funding round in 2023. The company also invested an additional Rs 64 crore in December 2024.
Rathee said: “This move marks a natural next chapter in Nodwin’s evolution. And the short answer is we have grown up! There comes a time in every kids life that it needs to leave the comfort of its parents house and chart a path of its own Over the past seven years, Nazara, Jet and Krafton have been phenomenal partners — backing our vision, supporting our growth, and helping shape what NODWIN is today. As we scale into a larger, more global company with ambitions across esports, live entertainment, youth content, influencers, and gaming infrastructure, it’s time for us to stand more independently and chart our own course.”
