NODWIN Gaming, formerly under Nazara Technologies, is seeking $100 million in a pre-IPO funding round. The company aims to transition from its esports roots into a youth media brand, differentiating itself from its parent company, Nazara. Akshat Rathee, NODWIN’s cofounder, revealed this strategic shift to Inc42.
Existing investors may partially offload their stakes, allowing for limited liquidity—around 10-15%—through secondary transactions.
The capital raised will focus on IP expansion and enhanced monetization strategies rather than aggressive geographic expansion. Rathee stated, “I think our international expansion efforts are largely done. The capital will be used to expand IPs and build better monetization layers. Those are the areas where we see long-term value.”
NODWIN operates in over 22 countries, particularly in the Global South. The company’s strategy involves generating demand in developed markets and scaling execution from cost-efficient regions, similar to Indian IT services giants.
NODWIN is undergoing a structured readiness framework, assessing financial performance, governance alignment, investor demand, regulatory compliance, and internal preparedness. Bankers are evaluating market appetite before a final decision on the IPO is made.
The company anticipates closing the current fiscal year with a turnover of approximately ₹700 Cr, surpassing Nazara’s revenue at its IPO time. NODWIN aims to maintain profitability in India and sustain a 20–40% annual growth trajectory with gradual margin expansion.
NODWIN is actively working to reposition itself as a fundamentally different business from Nazara. Rathee emphasized, “NODWIN has evolved into a large media company.” While Nazara focuses on gaming IPs and platforms, NODWIN is targeting the youth media space, encompassing live events like Comic Con and NH7 Weekender, alongside digital content and influencer campaigns.
NODWIN reported ₹261 Cr revenue in Q3 FY26, a 1.6X surge from previous year, while it saw a ₹40 Cr profit as well recovering from 8.3 Cr loss in the previous financial year.
The company is targeting EBITDA-level profitability by FY26.
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