NODWIN Gaming, an esports firm, has signed definitive and binding documentation to raise $28 million (Rs 232 crore) from new and existing investors, including its parent company Nazara Technologies, Krafton (the creator of PUBG), and digital entertainment firm JetSynthesys.

As per the startup, the freshly raised funds will be utilized for strategic acquisitions aimed at expanding its intellectual property (IP) portfolio and venturing into emerging markets.

NODWIN Gaming | Esports & Gaming

With this funding round, the valuation of NODWIN Gaming has increased significantly to $349 million. Notably, in March 2021, the esports firm raised $22.4 million from Krafton, with a valuation of $135 million at that time.

Speaking on the development, Akshat Rathee, Co-Founder and Managing Director of NODWIN Gaming, said, 

“As we migrate to the next phase of our evolution, we would like to build a global company that is a significant thought leader and the largest player in the emerging market space. We believe that the confluence of gaming, esports and youth culture are colliding extremely fast, and we would like to continue to build our value proposition as a Sports media Company (with a focus on esports) to this TG by focussing on the timeshare of their mindshare as the key growth metric.” 

The gaming industry is expected to reach $8.6 billion in FY27, according to a report by Lumikai. As per trends, this year is going well for gaming startups across categories, as several startups managed to raise funds. Recently, Rooter, a New Delhi-based startup game streaming and e-sports platform, raised $16 million (Rs 131 crore) in a growth funding round.

Earlier in March 2023, Super Six Sports Gaming (SSSG), the parent company of daily fantasy sports brand Fantasy Akhada, raised $11 Million in funding. The same month gaming startup WinZO launched a $50 Mn ‘Game Developer Fund’ to invest in global gaming startups. As part of the flagship Game Developer Fund, the gaming startup plans to invest at least USD 10 million of the fund in US-based startups.

In another development in the segment, Ashneer Grover, former co-founder of BharatPe, recently launched a fantasy sports platform CrickPe.

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