NODWIN Gaming Plans $100-200 Million IPO Raise

NODWIN Gaming, an esports and youth media platform supported by Nazara Technologies, is gearing up for an initial public offering (IPO) and intends to raise between $100 million and $200 million through a combination of primary and secondary funding. This was revealed by founder Akshat Rathee during Nazara Technologies’s Q4 FY26 earnings call. Rathee expressed that the goal is to proceed with the IPO as soon as possible.

Nazara first secured a majority stake in NODWIN Gaming in 2018 and has since increased its ownership over the years. However, the company was deconsolidated from Nazara’s financial accounts in FY26 following a stake dilution, leaving Nazara with approximately 46-47% ownership in NODWIN.

This announcement arrives at a time when NODWIN Gaming has significantly enhanced its financial performance. Nazara reported that NODWIN achieved an EBITDA profit of Rs 21 crore in FY26, a notable improvement from a loss of Rs 14 crore in FY25. Additionally, NODWIN maintained operational profitability during the quarter even after facing a Rs 50 crore goodwill write-off associated with the acquisition of OML assets, which includes the NH7 Weekender festival.

Expansion and Growth of NODWIN Gaming

NODWIN, founded in 2015 by Akshat Rathee and Gautam Virk, began its journey as an esports company. It has since broadened its scope to include gaming content, youth entertainment, creator-driven intellectual properties, live events, and Comic Con activities. The company has also expanded its international reach through strategic acquisitions and partnerships across various regions.

Positive Growth Trends

According to Rathee, NODWIN’s core business has experienced organic growth of 25-35% throughout the year. The company is positioning itself as a “live youth media company” with gaming being fundamental to its operations.

Future Strategies of Nazara Technologies

Nitish Mittersain suggested that Nazara Technologies may consider monetising its stakes in non-core entities like NODWIN Gaming in the future, as it sharpens its focus on the main gaming segment. Furthermore, the company is planning to divest its esports and adtech divisions as part of this strategic approach.

Nazara, listed in March 2021, experienced a decline in operating revenue, which fell to Rs 398 crore in Q4 FY26 from Rs 520 crore in Q4 FY25. For the entire fiscal year, the company’s operational revenue grew by 12.6% to Rs 1,829 crore in FY26, while profits surged by 60.8% to Rs 82 crore.