Nodwin Gaming, a subsidiary of ace investor Rakesh Jhunjhunwala-backed diversified gaming and sports media firm Nazara Technologies, has picked up a strategic 10.26 percent stake in digital media firm Rusk Media for Rs 10 crore.
This investment comes a few months after Nazara Technologies picked up a 5.54 percent stake in Rusk Media for Rs 2.02 crore to create a "scripted reality esports or gaming universe".
“We're excited to have Nodwin Gaming as a part of our journey to revolutionise entertainment for the Gen-Z and millennial audience. We want to bring together the worlds of entertainment and esports and create digital-first IPs (intellectual properties) that are made for gaming fans,” Rusk Media CEO Mayank Yadav said.
Founded in 2019, Rusk Media claims its content is tailor-made for audiences in the 15-25 age group, with the focus on equal viewership across genders.
Rusk Media houses media brands such as Hattke (dance, music, and entertainment), Alright! (comedy sketches), Living in Trend (LIT) (fashion), Recharge (technology), and Champions (sports).
The startup claims that it delivers more than 300 million views across its intellectual properties on social and video-streaming platforms. It works with brands such as dating apps Tinder, OkCupid, and Aisle, investment platform Groww, and edtech firm Cuemath among others. The startup reported a turnover of Rs 6.4 crore in FY21, up from Rs 3.44 crore in FY20.
Nodwin Gaming said the investment would help the so-called massification of entertainment-first gaming and esports content in the country and enable media platforms to have access to such content.
The investment was also in line with its strategy to expand the esports firms' portfolio of content IPs in the gaming and esports ecosystem, Nodwin Gaming said.
The company had acquired the gaming and adjacent IP businesses of OML Entertainment for Rs 73 crore in September, including the popular NH7 Weekender music festival.
Esports is one of the key revenue growth drivers for Nazara Technologies, accounting for 39 percent of the company's revenues in H1-FY22.
The segment, which also includes sports content platform Sportskeeda, grew by 62 percent year-on-year to Rs 103 crore for the six month period.
Nazara Technologies CEO Manish Agarwal told Moneycontrol in November that they expect esports to become the largest segment for the firm by the end of FY22.
The esports industry is expected to grow over fourfold to Rs 1,100 crore by FY25, from Rs 250 crore in FY21, according to a recent EY report.
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