Manish Agarwal (left) in conversation within a bustling office environment.
NODWIN Gaming, an esports media platform, has appointed Manish Agarwal, former CEO of Nazara Technologies, to its board as a non-executive director. This move comes as NODWIN prepares for an initial public offering (IPO).
Agarwal, who served as Nazara Technologies’ CEO from 2015 to 2022, oversaw Nazara’s acquisition of a 55% stake in NODWIN through cash and stock. He also led Nazara’s public listing in 2021. NODWIN’s stake in Nazara went below the majority mark after an internal fundraise. Agarwal is expected to use his experience to guide NODWIN’s public market debut, focusing on governance and strategic oversight.
Agarwal cofounded Humyn Labs, a physical AI startup, and KGeN (Kratos Gamer Network), a decentralized gamer network. NODWIN is also seeking to raise $100 million in a pre-IPO round to transition into a youth media brand. Existing investors may offload stakes via secondary transactions, liquidating 10-15% of their holdings.
NODWIN reported revenue of over ₹530 Cr in the first three quarters of FY26, maintaining EBITDA-positive operations. In FY25, revenue was ₹524 Cr, growing at a CAGR of over 50% since 2018. The company expects to close FY26 with revenue of ₹700 Cr. Sidharth Kedia has rejoined NODWIN as chief strategy and investments officer, and Arnd Benninghoff of Modern Times Group has been appointed to the board.
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