Nazara Tech's Nodwin Gaming to buy Comic Con India for Rs 55 Cr
Nodwin Gaming will acquire 100% of the shares of Comic Con India, through a combination of cash and share swap, from the founders of Comic Con India, Jatin Varma and Karan Kalra.
e-Sports media company is acquiring entertainment convention at a valuation of Rs 55 crore through a combination of cash and share swap.
As part of this transaction, Nodwin Gaming, a subsidiary of gaming company and sports media platform Nazara Technologies, will acquire 100% shares of Comic Con India from its founders Jatin Varma and Karan Kalra.
According to a BSE filing, Varma and Kalra will continue to operate the business as part of Nodwin Gaming and become shareholders by swapping 27.5 crore of their shares in Comic Con India with Nodwin shares.
"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 Akshat Rathee, Co-founder and Managing Director of Nodwin Gaming.
"Our quest for drawing millions of fans across the world will get another level up with Comicon," Rathee added.
Comic Con is known for hosting pop cultural festivals targeting the youth in India, celebrating pop culture, comics, cosplay, movies, TV shows, merchandise, and gaming. The festival was first held in New Delhi in 2011 and has subsequently expanded to Mumbai, Bengaluru, Hyderabad, and Chennai.
Nodwin plans to increase the number of festivals and launch Comic Con in more cities across India and other countries, tapping into new markets and audiences.
“Our aim at Comic Con India has always been to put the fans first! And I am absolutely thrilled that this strategic partnership will enable us to deliver amazing events and experiences to pop culture fans across India,” said Karan Kalra, Partner & Director at Comic Con India.
Since its inception in 2014 by Akshat Rathee and Gautam Virk, Nodwin has established a global presence in regions such as South Asia, Singapore, Middle East, and Turkey. The publisher builds and monetises gaming and esports IPs such as leagues, tournaments, and reality shows.
According to the company, as of May 2023, it was valued at $349 million. Investors in Nodwin include Nazara, Krafton Inc, Sony Group Corporation and JetSynthesys.
The gaming sector in India is predicted to $7.8 billion by 2028, according to a market report by gaming and interactive media focused investor Lumikai.
Edited by Swetha Kannan