“Nodwin Gaming, the esports subsidiary of Nazara Technologies, has revealed plans to acquire Comic Con India in a substantial deal worth Rs. 55 crore. This acquisition, announced on January 24, underscores Nodwin Gaming’s strategic move to fortify its events portfolio within the burgeoning gaming and entertainment industry.
As reported by Money Control, as part of this cash and stock transaction, Nodwin Gaming will contribute Rs. 27.4 crore in cash and exchange Rs. 27.5 crore in Comic Con India shares for its own. The founders of Comic Con India, Jatin Varma and Karan Kalra, will continue to lead and operate the business under the Nodwin Gaming umbrella.
Comic Con India, established in 2011, organizes pop culture festivals across key cities in India, celebrating various elements such as comics, cosplay, movies, television shows, merchandise, and gaming. The acquisition aligns with Nodwin Gaming’s vision to broaden its offerings and cater to the dynamic interests of the youth in India.
Akshat Rathee, co-founder of Nodwin Gaming, emphasized the strategic significance of the integration, stating, “The addition of Comic Con India to Nodwin’s portfolio will amplify and diversify our offerings. The intersection of Gaming, Pop Culture, and esports will benefit from a strong and scalable intellectual property, both in India and internationally.”
Financially, Comic Con India showcased a remarkable recovery, reporting a turnover of Rs. 16.26 crore in the fiscal year ending March 31, 2023, compared to Rs. 24 lakh in FY22 and Rs. 89 lakh in FY21. This positive trajectory reflects a rebound after the adverse impact of the Covid-19 pandemic on the events industry.
Post-acquisition, Nodwin Gaming envisions an expansion of its festivals to more cities across India and beyond. The company aims to enhance the fan experience by organizing a diverse array of events that celebrate the intersection of gaming, esports, comics, and popular culture.
Nodwin Gaming, founded by Akshat Rathee and Gautam Singh Virk, already boasts a robust portfolio of intellectual properties, including tournaments, festivals, and conferences in esports, gaming, music, comedy, and live experiences. With operations spanning South Asia, Singapore, the Middle East, and Turkey, the company has strategically positioned itself as a key player in the global gaming and entertainment landscape.
This acquisition aligns with Nodwin Gaming’s broader strategy of expansion through acquisitions and investments. Recent strategic moves include acquiring stakes in live events firms, gaming businesses, and securing funding from notable investors such as Sony Group Corporation and Innopark, valuing the company at $349 million in May 2023—a substantial increase from its earlier valuation of $135 million in March 2021.”