Private Equity

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Esports firm Nodwin Gaming attracts $28-M

Press Release   BSE Announcement  

Gurugram-based Nodwin Gaming is to attract USD 28 million (INR 232 Cr) from existing investors including parent company Nazara Technologies, South Korea-based KRAFTON, and JetSynthesys. Jerome Merchant + Partners was the legal advisor for the deal. Of the total investment, INR 197.20 crore will be through primary infusion - including INR 25.3 crore from Nazara and the rest from Sony Group Corporation, Krafton Inc., Jetsynthesys Private Limited (Founder investor), Innopark (India) Private Limited, Good Game Investment Trust (“Founder Trust”), and Akshat Rathee and Gautam Virk (“Founders”). The balance INR 34.76 crore will be via a secondary purchase of shares from existing shareholders (Good Game Investment Trust and Jet Synthesis Private Limited) by Nazara. The round values Nodwin at USD 349 million post money - a growth of 2.7X in two years, during which, its Revenues grew at a CAGR of 68%. The company had in March 2021 raised capital from Krafton at a valuation of USD 135 million. Nodwin Gaming had reported a consolidated turnover of INR 381 crore for FY23. Krafton Inc., Jetsynthesys Pvt Ltd, Nazara Technologies and Good Game Investment Trust hold 16.32%, 10.30%, 54.52% and 10.62% respectively in Nodwin, on a non-dilutive basis. Most of the primary funds raised will be used to growing the gaming and esports ecosystem of Nodwin by expanding and incubating newer IPs, growing its emerging market footprint and for strategic acquisitions.