NODWIN Gaming bags Rs 64 Cr funding from parent Nazara Technologies
The funding will be utilised for the ongoing expansion, to enhance capabilities, grow portfolio of IPs, and strengthen market presence.
, a player in the new-age youth entertainment, gaming, and esports segment, received approval of Rs 64 crore funding from parent company .
The raised capital will be primarily allocated to fuel NODWIN Gaming’s ongoing expansion momentum, focusing on enhancing its capabilities, growing its portfolio of intellectual properties (IPs), and strengthening its presence in emerging markets, the company said in a statement.
NODWIN Gaming's Board has approved plans to initiate a private financing round to accelerate the company's aim to become a top player in the category.
“As the first investor backing this investment, NAZARA and NODWIN boards have both ratified this investment that is in the form of convertible preferred stock,” the company said.
“As we continue on our growth and expansion journey, we remain fully committed to building a truly global company coming from India that leads with innovation, expanding our capabilities in New age media in emerging markets. Our focus is on capturing the attention and Timeshare of Mindshare of the global youth,” said Akshat Rathee, Co-founder and MD, NODWIN Gaming.
The company said that prior to this investment, the Gurugram-based company was valued at $410 million as of November this year.
NODWIN Gaming recently expanded its portfolio with strategic acquisitions including Freaks 4U Gaming, a German esports and gaming marketing agency; events company Comic Con, Ninja Global a Turkish esports and gaming company; Singapore-based live events firm Branded; and Publishme, a West Asia and Turkey-focused marketing agency.
Last week, the Nazara subsidiary had also acquired Trinity Gaming for Rs 24 crore, rendering it a fully owned subsidiary of NODWIN Gaming.
Edited by Megha Reddy