Nodwin Gaming eyes IPO momentum, inducts Manish Agarwal to board

Nodwin Gaming, a subsidiary of India’s only mobile gaming company Nazara Technologies Ltd, plans to raise over $100 million and has brought Manish Agarwal on its board as a non-executive director as it prepares for an initial public offering (IPO), co-founder Akshat Rathee said. Mint.

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

Nodwin, which is backed by companies including South Korean gaming software developer Krafton Inc and Japan’s Sony Group Corp, is working on a pre-IPO fundraising in which it aims to raise capital from new and existing investors, Rathee said.

The Gurugram-based company, valued at over $400 million by the end of 2024, has recently made a number of senior appointments as it prepares for an IPO in 2-3 years.

This month, former Nodwin chief executive Sidharth Kedia returned as chief strategy and investment officer. The company also appointed Arnd Benninghoff, one of the directors of Sweden-based gaming company Modern Times Group, to the board of directors.

Agarwal told Mint that he plans to act as a “sparring partner” for Rathee on Nodwin. He noted that Nodwin’s eight-year history as a subsidiary of publicly traded Nazara has already prepared it for leadership in compliance and reporting requirements for public entities.

Nazara first acquired a 55% stake in Nodwin through a cash and stock deal in 2018. He then injected capital into the company in multiple tranches. In July 2025, Nazara said it would no longer retain majority control of Nodwin, its shares had fallen below 50%, and Nodwin was preparing to raise new capital. It currently holds a 46.67% stake in Nodwin.

At 2:52 pm on Monday, Nazara’s shares were trading down 1%. ₹250 per person at NSE.

“Leading a company to a successful IPO requires building trust and predictability in the public markets by consistently delivering on promises,” Agarwal said. he said. “While market cycles can fluctuate and affect many people, the fundamental fundamentals of investing remain unchanged. There is a need for consistent profit and loss distribution, strong balance sheets and high governance over a 10- to 20-year horizon.”

“The company is now highly investable,” Rathee said. “We have an allocation challenge due to high demand and also have the ability to execute 100% stock exchange acquisitions because our partners believe in this business. The targeted financing amount remains flexible and could exceed $100 million depending on the strategic value of interested investors.”

Nodwin’s IPO plan comes at a time when the entertainment and media industry in India is poised to benefit from rising per capita income and supporting technological infrastructure.

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

The report predicts that the industry’s revenue will reach $47.2 billion by 2029, at a compound annual growth rate of 7.8%. “This percentage exceeds estimates for the E&M (entertainment and media) complex globally and is expected to witness more muted growth at a CAGR of 4.2% over the next five years,” the report said. The statement was included.

As the fundraising process continues, Nodwin is implementing a two-pronged strategy of acquiring high-growth assets while maintaining a profitable core.

“While the specific ‘esports premium’ is 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 more than 20 locations and more than 15 companies. The company develops and monetizes intellectual property focused on youth activities in gaming, e-sports, music, anime, comics and comedy. Comic Con India owns intellectual properties such as Snapdragon Pro Series, Kingfisher India Premiership and Valorant Challengers South Asia.

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

Nodwin’s revenue was as follows: ₹524 crore in FY25. The company’s revenue is expected in the first three quarters of fiscal 2026 ₹Rathee said Ebitda remained positive at 530 crore.

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