Nazara Tech's Nodwin Gaming to buy Comic Con India for Rs 55 crore

A mix of young and old audience at Comic Con, Bengaluru

Nazara Technologies' esports subsidiary Nodwin Gaming said on January 24 that it is acquiring a 100 percent stake in Comic Con India for Rs 55 crore in a cash and stock deal, as the company looks to bolster its events portfolio.

As part of this deal, Nodwin Gaming will pay Rs 27.4 crore in cash and swap Rs 27.5 crore of Comic Con India shares with its shares. Both the founders will continue to operate the business as part of Nodwin Gaming.

Founded in 2011 by Jatin Varma and Karan Kalra, Comic Con hosts pop culture festivals targeting youth in India. These festivals celebrate various popular culture elements including comics, cosplay movies, television shows, merchandise, and gaming among others. It has been conducted in cities such as New Delhi, Mumbai, Bengaluru, Hyderabad and Chennai.

"Integration of Comic Con India will amplify and diversify the offering of Nodwin to all opportunities that target the youth in India. With the continued intersection of Gaming/ Pop Culture/ esports into one interactive entertainment sector, Nodwin will add a strong and robust IP that is scalable both in India and Internationally" said Nodwin Gaming co-founder Akshat Rathee in a statement.

“For more than a decade, we have worked tirelessly to build a unique space in India for promoting and celebrating popular culture. And with that goal in our mind, I am very excited to join hands with Nodwin Gaming in taking the next step and building upon this goal together” Varma said in a statement.

Karan Kalra, who also serves as partner and director of Comic Con India, said this partnership will enable them to deliver "amazing events and experiences to pop culture fans across India".

The company's financials indicate that its revenues has bounced back strongly after being severely impacted by the Covid-19 pandemic. It posted a turnover of Rs 16.26 crore in the financial year ending March 31, 2023 (FY23), as compared to Rs 24 lakh turnover in FY22 and Rs 89 lakh in FY21.

Following this transaction, Nodwin Gaming plans to expand the number of festivals and extend its reach to more cities across India and other countries to attract new audiences.

"Fans can look forward to an enhanced experience with a broader array of events that celebrate the intersection of gaming, esports, comics, and popular culture" the company said.

Founded by Rathee and Gautam Singh Virk, Nodwin Gaming 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.

Over the past year or so, the startup has sought to expand its offerings in India and international markets through a series of acquisitions and investments.

It acquired 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 and bought the gaming and adjacent IP businesses of OML Entertainment for Rs 73 crore in September 2021, including the popular NH7 Weekender music festival.

In October 2023, 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 picking up a 10.26 percent stake in digital media firm Rusk Media for Rs 10 crore in December 2021, buying 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 purchasing comics, pop culture and superheroes merchandising retailer Planet Superheroes for Rs 4.9 crore in January 2022.

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.

Note: Nazara Technologies mentioned in an exchange filing that it had inadvertently interchanged turnover figures of Comic Con India for FY21 and FY23 and has revised the figures. The story has been updated accordingly.