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Business News/ Companies / News/  Nazara's subsidiary Nodwin Gaming raises $28mn from new, existing investors
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Nazara's subsidiary Nodwin Gaming raises $28mn from new, existing investors

All existing investors of Nodwin Gaming, which includes Nazara, KRAFTON, Inc. and JetSynthesys will join new incoming investors in this funding round

Nazara Tech IPO was oversubscribed 175 times. (AFP)Premium
Nazara Tech IPO was oversubscribed 175 times. (AFP)

Nazara Technologies' subsidiary NODWIN Gaming on Thursday announced that it has signed definitive to raise $28 million crore new and existing investors.

The majority of these funds will be channelized towards growing the gaming and esports ecosystem of Nodwin by expanding and incubating newer IPs, growing its emerging market footprint and for strategic acquisitions that drive value to the network.

All existing investors of Nodwin Gaming, which includes Nazara, KRAFTON, Inc. and JetSynthesys will join new incoming investors in this funding round, said Nazara Technologies in its filing.

Nodwin last raised funds in March 2021 from South Korean gaming company KRAFTON, Inc. at $ 135 million value and this round values Nodwin at $ 325 million pre-money and $349 million post money which leads to a value accretion of 2.7X in two years.

“I am extremely grateful and blessed that we have been able to exhibit a Revenue CAGR of 68% over the last 2 years in a tumultuous market. We have managed this growth while being able to maintain profitability in our business and gain a global dominant position in mobile esports while delivering shareholder value.  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 Akshat Rathee, Co-Founder and Managing Director, Nodwin Gaming.

"We believe that the confluence of gaming, esports and youth culture are colliding extremely fast and we would like to continue to build our value proposition as a Sports media Company (with a focus on esports) to this TG by focusing on the timeshare of their mindshare as the key growth metric," he added. 

On Thursday, the company's shares ended 2.40 per cent up at 580.85 on BSE.

 

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Updated: 18 May 2023, 10:03 PM IST
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