Nodwin Gaming Secures $28 Million Funding from Nazara and Four Other Investors

• ByStartupStory     |    May 19, 2023

Nodwin Gaming, an esports company, has recently raised $28 million in equity investment from a group of investors, including its parent company Nazara Technologies, Krafton (the creator of PUBG), and digital entertainment firm JetSynthesys. This funding round has significantly increased Nodwin Gaming’s valuation to $349 million. Notably, back in March 2021, the company had secured $22.4 million from Krafton, with a valuation of $135 million at that time.

According to Akshat Rathee, the co-founder and managing director of Nodwin Gaming, the recently secured capital will be utilized for strategic acquisitions aimed at expanding the company’s intellectual property (IP) portfolio and venturing into emerging markets.

Rathee said Nodwin is interested in multi-use IPs that work across geographies, games and genres. “We are looking at both building and buying IPs. We are also looking at firms that offer capacity and capability to expand to geographies where we don’t have access. They may not have a lot of IPs but they will have the capability to help execute IPs in that region,” he added.

In a deal worth $1.3 million, Nodwin Gaming acquired a 51% stake in Branded, a Singapore-based mediatech startup, for their portfolio of multiple-event intellectual properties (IPs). Nodwin Gaming, with offices in South Asia, Singapore, the Middle East, and Turkey, expands its presence across various regions.

Nodwin, a prominent esports company in South Asia, has emerged as a leading organizer of major esports competitions such as the ESL India Premiership and the BGMI Masters Series. Notably, Nodwin joined forces with the Star Sports Network last year to broadcast the BGMI Masters Series live on conventional television, marking a significant milestone in reaching audiences in tier-2 and tier-3 cities. This move deviated from the usual practice of streaming esports tournaments solely on over-the-top (OTT) platforms.

The esports industry in India is currently in its early stages of development, lagging behind countries like the United States, Japan, and South Korea. However, it is experiencing rapid growth.

According to a report by gaming fund Lumikai, the number of esports players in India has quadrupled, increasing from 150,000 in 2021 to 600,000 last year. In terms of revenue, the Indian esports industry is projected to reach $140 million by 2027, with a compound annual growth rate (CAGR) of 32% from $40 million in the previous year.

The industry also received a boost after esports was included as a medal sport for the first time in the 2022 Asian Games, which will be held later this year. “As we migrate to the next phase of our evolution, we would like to build a global company that is a significant thought leader and the largest player in the emerging market space,” said Rathee, adding that Nodwin has grown at a CAGR of over 68% over the last two years.

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