Nodwin Gaming CEO Siddharth Kedia steps down

Siddharth Kedia is leaving Nazara's gaming and esports arm Nodwin Gaming after a four-year stint.

Siddharth Kedia is stepping down as the chief executive officer of Nodwin Gaming, the gaming and esports arm of Nazara Technologies, after a four-year stint, the company said on November 1.

Following this move, Nodwin Gaming chief financial officer Karandeep Singh will assume responsibilities related to the company's acquisitions and investor relations while Nodwin Gaming co-CEO Gautam Singh Virk will take over the operational aspects of the role.

In a stock market filing, Nazara Technologies said that Kedia plans to pursue new challenges and opportunities that "align with his long-term career goals", although his next move is currently unknown.

Chirag Shah, who was heading the telecom business for Nazara Technologies is also leaving the company after over a 16-year stint to pursue new opportunities. Shah joined the firm in 2007 and has previously had stints at Vodafone and BPL Mobile.

Telecom distribution, through which people could subscribe to curated game packs via telecom operators, was once a dominant business for the company a few years ago, accounting for nearly 89 percent of its revenues as of FY18.

Over the years, the business has however shrunk significantly as Nazara Technologies diversified into e-sports and gamified learning. Telecom subscriptions accounted for only about 4 percent of its FY23 revenue.

Nodwin Gaming's global expansion

Kedia had joined Nodwin Gaming in 2019 from Viacom18 where he served as its chief strategy officer and deputy chief commercial officer for about two-and-a-half years. He also had additional charge of corporate strategy, M&A and data sciences at the firm.

Before that, he worked as the CEO – Digital (Non-News) and Head – Corporate Strategy for Network18 and also worked closely with the board of Network18 and Chairman’s office at Reliance Industries.

In 2007, Kedia had co-founded Ambit Pragma Ventures, a private equity firm that focused on providing growth capital to small and medium enterprises (SMEs), wherein he set up the firm's media and entertainment practice.

This exit comes at a time when Nodwin Gaming is expanding its offerings in India and international markets through a series of acquisitions and investments.

Last month, Nodwin Gaming's Singapore unit acquired a 100 percent stake in game marketing agency Publishme for $2 million from parent firm Nazara Technologies and Publishme co-founder Ozgur Ozalp to boost its existing offerings for brands and publishers

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 picking up a 10.26 percent stake in digital media firm Rusk Media for Rs 10 crore in December 2021.

Nodwin Gaming also bought a 35 percent stake in gaming accessories maker Brandscale Innovations, which makes high-quality and affordable gaming audio gear under the brand name Wings in April 2022 and purchased comics, pop culture and superheroes merchandising retailer Planet Superheroes for Rs 4.9 crore in January 2022.

Founded by Akshat Rathee and Gautam Singh Virk, the startup owns various IPs including prominent tournaments, festivals, and conferences in esports, gaming, music, comedy and live experiences that could appeal to gaming enthusiasts. It operates across multiple offices in South Asia, Singapore, the Middle East and Turkey.

In May 2023, Nodwin Gaming raised $28 million from new investors Sony Group Corporation and Innopark and existing investors such as Nazara, Krafton and JetSynthesys. The round valued the firm at $349 million, a significant jump from its earlier valuation of $135 million when it last raised funds in March 2021.