Nodwin Gaming eyes IPO momentum, inducts Manish Agarwal to board

Nodwin Gaming, an associate of India's only listed mobile gaming firm Nazara Technologies Ltd, is looking to raise over $100 million and has inducted Manish Agarwal to its board as a non-executive director as it prepares for an initial public offering (IPO), co-founder Akshat Rathee told Mint.

Agarwal, who steered Nazara through its 2021 listing, joins as the e-sports firm eyes a transition from a venture-backed startup to a public-market candidate.

Nodwin, backed by the likes of South Korean gaming software developer Krafton Inc and Japan's Sony Group Corp, is working on a pre-IPO fundraise, where it aims to secure capital from new and existing investors, Rathee said.

The Gurugram-based company, valued at over $400 million as of late 2024, has recently had a string of top-level appointments as it readies for an IPO in 2-3 years.

This month, former Nodwin chief executive Sidharth Kedia returned as chief strategy and investments officer. The company also appointed Arnd Benninghoff, an executive at Sweden-based gaming firm Modern Times Group, to its board.

At Nodwin, Agarwal intends to act as a "debate partner" for Rathee, he told Mint. He noted that Nodwin's eight-year history as an associate of the publicly-traded Nazara has already prepared its leadership for the compliance and reporting requirements of public entities.

Nazara had originally acquired a 55% stake in Nodwin through a cash-and-stock deal in 2018. Subsequently, it infused capital in the company in multiple tranches. In July 2025, Nazara said that it would no longer retain majority control in Nodwin, with its stake falling below 50%, as the latter prepared to raise fresh capital. It currently holds 46.67% in Nodwin.

At 2:52 pm on Monday, shares of Nazara traded 1% lower at ₹250 apiece on the NSE.

"Steering a company to a successful IPO requires building trust and predictability with public markets by consistently delivering on promises," Agarwal said. "While market cycles may fluctuate and impact multiples, the core fundamentals of investing remain unchanged. There is a need for consistent P&L delivery, strong balance sheets, and high governance over a 10-to-20-year horizon."

"The company is now highly investable," Rathee said. "We are experiencing an allocation issue due to high demand and also have the ability to execute 100% stock swap acquisitions because our partners believe in the business. The targeted funding amount remains flexible and could expand beyond $100 million depending on the strategic value of the interested investors."

Nodwin's IPO plan comes as the entertainment and media industry in India is set to benefit from rising per capita incomes and supportive technological infrastructure.

"At the heart of India’s entertainment and media growth story is its massive millennial and Gen Z population — over 91 crore strong," a December 2025 report by PwC said.

The report projected the industry's revenue to touch $47.2 billion by 2029, at a compounded annual growth rate of 7.8%. "This percentage surpasses the predictions for the E&M (entertainment and media) complex globally, which is expected to witness more muted growth at a 4.2% CAGR over the next five years," the report said.

As the fundraise plays out, Nodwin is also executing a dual-track strategy of maintaining a profitable core while acquiring fast-growing entities.

"While the specific 'e-sports premium' may have discounted globally, our valuation is secure because we are building the world’s largest youth media company for the Global South," Kedia said.

Nodwin's global footprint spans over 20 locations and more than 15 companies. The company develops and monetises intellectual property centered on youth activity in gaming, e-sports, music, anime, comics, and comedy. It holds intellectual properties like Comic Con India, Snapdragon Pro Series, Kingfisher India Premiership and Valorant Challengers South Asia.

Currently, Kedia said that the business is split between a content division aimed at discoverability and live intellectual properties that serve as monetization multipliers. About 35% of the company's revenue comes from e-sports, and the rest from non-esport properties, he said.

Nodwin's revenue stood at ₹524 crore in FY25. In the first three quarters of fiscal 2026, the company's revenue has reached ₹530 crore while remaining Ebitda positive, Rathee said.

Ebitda stands for earnings before interest, taxes, depreciation, and amortization and refers to a company’s operating profit.