South Asian esports company NODWIN Gaming has signed definitive and binding documentation to raise $28m (⁓£22.5m) from new and existing investors.
Most funds will be used to develop NODWIN’s gaming and esports ecosystem, including new IPs, expanding into emerging markets and making strategic acquisitions.
Existing investors of NODWIN Gaming, such as Nazara, KRAFTON and JetSynthesys, will be joined by new investors in this funding round, as stated in the statutory filing. The newly-found investment has resulted in a marginal increase of slightly over 5% in NODWIN’s equity.
The company received funding from KRAFTON in March 2021, valuing the company at $135m (⁓£108m). In the current funding round, NODWIN’s value has increased to $325m (⁓£262m) before the funding and $349m (⁓£281m) after, showing a growth of 2.7 times in just two years. Sidharth Kedia, CEO of NODWIN Gaming, led this deal, while Murtaza Somjee from Jerome Merchant + Partners served as the legal advisor.
Earlier this year, NODWIN Gaming acquired a 51% stake in Branded, a Singaporean full-service live media company, adding to its growing portfolio of brands. This inclusion expands NODWIN’s offering of comprehensive gaming marketing and events services to major esports companies. The company is also looking to strengthen its presence in the rapidly growing esports hub of the Asia Pacific region.
Akshat Rathee, Co-Founder and Managing Director of NODWIN Gaming, commented on the investment: “I am extremely grateful and blessed that we have been able to exhibit a Revenue CAGR [Compound Annual Growth Rate] of 68% over the last two 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 cofounder Gautam Virk has been instrumental in manifesting this vision into reality.”
