 "NODWIN Gaming gets Rs 64 cr investment from parent Nazara Technologies")
NODWIN Gaming has got an investment of Rs 64 crore from Nazara Technologies, its parent company, for expanding its business and intellectual property (IP) portfolio.
The investment comes days after Nazara Technologies raised Rs 855 crore ($101 million) via a preferential issue. SBI Innovative Opportunities Fund, Junomoneta Finsol and Think India Opportunities Master Fund LP were among investors in the funding.
“...Nazara and NODWIN boards have both ratified this investment that is in the form of convertible preferred stock,” said NODWIN Gaming in a statement about the Rs 64 crore it got.
Before the investment, the company was valued at Rs 3,441 crore ($410 million) in November and it is when it announced acquiring Trinity Gaming for Rs 24 crore.
Nazara, which is listed, has been using acquisitions to grow inorganically. The Rs 855-crore preferential issue was its second large fund raise this year. It had raised Rs 760 crore from entrepreneur Nikhil Kamath, SBI Mutual Fund, and ICICI Prudential Mutual Fund and others
“As we continue on our growth and expansion journey, we remain fully committed to building a truly global company coming from India that leads with innovation, expanding our capabilities in New age media in emerging markets. Our focus is on capturing the attention and Timeshare of Mindshare of the global youth,” said Akshat Rathee, co-founder and managing director of NODWIN Gaming, in a statement.
The company's IPs include prominent tournaments, festivals and conferences in esports, gaming, music, comedy and pop culture.
NODWIN has expanded its portfolio with acquisitions that include German esports and gaming marketing agency Freaks 4U Gaming, events company Comic Con, West Asia and Turkey-focused marketing agency Publishme, Singapore-based live events firm Branded, and Turkish esports and gaming company Ninja Global.