Cover-Credits:
AFK Gaming
Indian tournament organizer NODWIN Gaming has announced that it has raised $28 Million USD in a funding round that saw participation from both new and existing investors. According to a release obtained by AFK Gaming, the majority of the funds raised will be used for growing NODWIN’s gaming and esports ecosystem by expanding and incubating newer IPs, growing the emerging market footprint of NODWIN and for strategic acquisitions that drive value to the network.
Key Investors in NODWIN's $28 Million Raise
Noteworthy participants in this funding round include previous investors including Nazara, KRAFTON Inc, and JetSynthesys. NODWIN Gaming’s last fundraise was in March 2021 through which the company received an investment of $22.4 Million USD at a $135 Million valuation from KRAFTON. After the latest round of funding in 2023, NODWIN Gaming’s valuation has increased to $349M post money which translates to a significant value accretion of 2.7 times within two years.
The new investors that participated in the round were not disclosed in the release. However, stock market filings accessed by AFK Gaming revealed that Sony Group Corporation and Innopark (India) Private Limited are the new investors in NODWIN Gaming.
NODWIN Gaming’s co-founder and managing director Akshat Rathee expressed profound appreciation for their accomplishments and extended gratitude to all those involved.
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. The team in NODWIN led by co-founder Gautam Virk has been instrumental in manifesting this vision to reality. 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. 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 focussing on the timeshare of their mindshare as the key growth metric”Akshat Rathee, Co-Founder and Managing Director, NODWIN Gaming
This deal was spearheaded by Sidharth Kedia, CEO of NODWIN Gaming. Murtaza Somjee from Jerome Merchant + Partners was the legal advisor.
The successful funding round has fortified NODWIN Gaming's position in the Indian esports industry. The company currently hosts numerous IPs including Dreamhack India and ESL India Premiership and has also executed multiple major Indian esports tournaments including VALORANT Challengers 2023: South Asia and BATTLEGROUNDS MOBILE INDIA (BGMI) Masters Series.
Disclosure: NODWIN Gaming is a minority investor in and a client of AFK Gaming.
