NODWIN Gaming's pre-IPO round
NODWIN Gaming, an Indian esports company, is preparing for an IPO by seeking $100 million in a pre-IPO funding round. According to Inc42, the company aims to evolve into a youth media brand, differentiating itself from its parent company, Nazara Technologies.
The pre-IPO round may include existing investors partially offloading stakes, providing liquidity of around 10-15% without full exits. The capital raised will be used to deepen its core business, focusing on IP expansion and monetization strategies, rather than extensive geographic expansion, according to Akshat Rathee, NODWIN’s cofounder.
NODWIN operates in over 22 countries, with a significant presence across the Global South. The company is prioritizing revenue generation from developed markets while building scalable execution capabilities in emerging regions.
NODWIN is working through a structured readiness framework that includes financial performance, board and governance alignment, investor demand, regulatory compliance, and internal preparedness. The company anticipates closing the current fiscal year with a turnover of approximately ₹700 Cr.
NODWIN wants to position itself differently from Nazara to public market investors by focusing on becoming a youth media company with live and content business lines. The live business includes events like Comic Con and music festivals, while the content business spans IP-led shows, influencer campaigns, and social media distribution.
The company is targeting EBITDA-level profitability by FY26, driven by a packed events calendar and owned IPs. NODWIN reported ₹261 Cr revenue in Q3 FY26, with a profit of ₹40 Cr, recovering from a previous loss.
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