NODWIN Gaming, a subsidiary of Nazara Technologies Limited (BSE: Nazara) has signed documentation to raise $28 million from new and existing investors. Funds will be utilized for growing the gaming and esports ecosystem of NODWIN by expanding and incubating newer IPs, growing the emerging market footprint of NODWIN and for strategic acquisitions that drive value to the network.
As per the statutory filing, all existing investors of NODWIN Gaming (Nazara, KRAFTON, Inc. and JetSynthesys) will join new incoming investors in the funding round. NODWIN last raised funds in March 2021 from South Korean gaming company KRAFTON, Inc. at $135 million value and the round values NODWIN at $325 million pre-money and $349 million post-money which leads to a value accretion of 2.7 times in two years.
“We have been able to exhibit a revenue compound annual growth rate of 68% over the last two years in a tumultuous market. We have managed this growth while being able to maintain profitability in our business and gain a globally dominant position in mobile esports while delivering shareholder value. 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,” said Akshat Rathee, co-founder and managing director, NODWIN Gaming.
The deal was spearheaded by Sidharth Kedia, CEO, NODWIN Gaming while Murtaza Somjee from Jerome Merchant + Partners was the legal advisor.