Nodwin Gaming, an esports subsidiary of Nazara Technologies, has raised $28 million in equity investment from its existing and new investors. According to its regulatory filing Nodwin Gaming plans to invest the majority of the funds in expanding its gaming and esports offerings with new IPs and acquiring strategic assets.
The funding round included participation from existing investors like Nazara, Krafton and JetSynthesys along with new ones in the form of Sony and Innopark. The company now stands at a post-money valuation of $349 million, showing a growth of 2.7x in just two years. It had previously raised $22.4 million from PUBG and BGMI developer Krafton in March 2021 at a valuation of $135 million.
“I am extremely grateful and blessed that we have been able to exhibit a revenue CAGR of 68 percent 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 as quoted by Business Standard.
Nodwin Gaming is considered as one of the biggest gaming and esports companies in India having professional esports teams and content creators at its disposal. The company has organized some of the biggest tournaments in the country such as the ESL India Premiership, DreamHack and various BGMI tournaments.
Speaking about its acquisition plans, Rathee said, “We are looking at both building and buying IPs. We are also looking at firms that offer capacity and capability to expand to geographies where we don’t have access. They may not have a lot of IPs, but they will have the capability to help execute IPs in that region.”
The company operates internationally and has offices across South Asia, Singapore, Turkey and the Middle East with plans to further expand into new geographies.
On the acquisitions side, the company acquired a majority stake in Singapore-based firm ‘Branded’ last month through a combination of primary capital infusion and secondary stock acquisitions. Branded is a live-events company that is expected to further help the company expand its reach.