Nazara Technologies is giving up majority control of its esports subsidiary, Nodwin Gaming, as it sharpens its focus on core gaming IPs, the diversified gaming and sports media company said on July 16.
The move comes as Nodwin Gaming plans to raise fresh capital from existing shareholders to fuel aggressive growth in its esports and youth media business. Nazara Technologies said the fundraise will reduce its stake in Nodwin Gaming to below 50 percent, though it will remain the esports firm’s largest shareholder.
The company informed that it has also decided to waive certain "controlling and restrictive rights" it holds as the majority shareholder to support Nodwin’s next phase of growth and give it the operational and financial flexibility needed to raise funding. Post the fundraise, Nodwin Gaming will be classified as an associate of the company.
Nazara Technologies had acquired 55 percent majority stake in Nodwin Gaming in January 2018. The company had invested an additional Rs 64 crore in December 2024.
Nodwin Gaming generated revenue of Rs 523.8 crore in the financial year 2025 (FY25), contributing 32.3 percent of Nazara's overall FY25 revenue that stood at Rs 1,623.9 crore.
However, the company's losses widened to Rs 15.4 crore in FY25 from Rs 1.8 crore loss in FY24. This was primarily due to the integration of the underperforming Freaks4U Gaming business along with a broader slowdown in gaming and esports in developed markets.
Along with Sportskeeda, Nodwin forms the esports vertical, which is Nazara’s largest business segment and accounted for about 47 percent of the company’s revenue in FY25.
That said, Nazara Technologies has been aggressively pursuing acquisitions over the past year to strengthen its core gaming business, which founder Nitish Mittersain expects will become the firm’s largest revenue generator in the coming years.
Nodwin's acquisition spree
Founded by Akshat Rathee and Gautam Singh Virk in 2014, Nodwin Gaming was incubated by digital entertainment and technology company JetSynthesys which still owns a significant minority stake in the company.
Among its other backers include South Korean gaming giant Krafton, 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.
Among 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.
Read: Nazara's Nodwin plots Rs 100 crore Esports World Cup play with BGMI and Chess at core
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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