Esports firm Nodwin Gaming is raising $10 million from existing investors, including South Korean gaming giant Krafton and digital entertainment and technology company JetSynthesys, co-founder Akshat Rathee said on July 18.
Rathee and fellow co-founder Gautam Virk will also participate in the fundraise in a bid to increase their stake in the company, he said in a LinkedIn post. However, he didn't disclose any further details.
This development comes days after Nazara Technologies announced that it will give up majority control of Nodwin Gaming to focus more on its core gaming business. The diversified gaming and sports media firm stated that it would not participate in Nodwin Gaming's forthcoming funding round, which will reduce its stake to below 50 percent.
However, Nazara will remain the startup's largest shareholder and will classify the company as an associate firm after the fundraise, the firm said.
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 stated that this move marks a "natural next chapter" in Nodwin's evolution, and as the company's capital requirements grow, it is both "strategic and responsible" to broaden its investor base.
"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," he said.
"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," he added. Moneycontrol has reached out to Nodwin Gaming for more information on this development and will update the story once we hear back.
Founded by Rathee and Virk in 2014, Nodwin Gaming develops and operates a range of youth-centric intellectual properties in esports, gaming, music, comedy, and live experiences. The company was incubated by JetSynthesys, which still owns a significant minority stake in the company.
Among its other backers include Japanese conglomerate Sony Group Corporation and Innopark. The company was last valued at $410 million as of November 2024.
Over the past few years, Nodwin Gaming has sought to expand its offerings in India and international markets through a series of acquisitions and investments.
Its recent purchases include Ukraine-based esports IP and services firm StarLadder for $5.5 million in January 2025; Germany-based esports and gaming marketing agency Freaks 4U Gaming in June 2024; and a local agency and creator service provider Trinity Gaming in November 2024.
In January 2024, the startup purchased Comic Con India, which hosts pop culture festivals in India, for Rs 55 crore to bolster its events portfolio. It also acquired Ninja Global FZCO to expand its presence in UAE, Turkey in February 2024.
Other acquisitions and investments include a 51 percent stake purchase in Singapore-based live events firm Branded in an all-cash deal of up to $1.3 million in April 2023; buying the gaming and adjacent IP businesses of OML Entertainment for Rs 73 crore in September 2021, including the popular NH7 Weekender music festival; and purchasing Planet Superheroes for Rs 4.9 crore in January 2022.
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