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Funding · Consumer Internet & Media

NODWIN Gaming targets $100m pre-IPO raise

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NODWIN Gaming logo
Date
Company
NODWIN Gaming
What it does
Esports and youth media platform
Kind
Funding
Amount
$100 million
Stage
pre-IPO
Sector
Consumer Internet & Media

What they do

NODWIN Gaming operates an esports-focused business expanding into a broader youth media platform

What happened

The company is raising up to $100 million in a pre-IPO fundraise with existing investors selling stakes

Why it matters

Recent governance appointments support the public listing preparation as revenue reached Rs 530.3 Cr in Q1-Q3 FY26

The details

  • NODWIN Gaming is preparing for a public listing by strengthening its governance structure.
  • The company plans a $100 million pre-IPO fundraise to fuel global expansion.
  • Existing investors are expected to offload partial stakes through secondary transactions during this round.
  • Manish Agarwal was appointed as a Non-Executive Director to provide strategic oversight.
  • Arnd Benninghoff was also added to the Board to enhance institutional capabilities.
  • Sidharth Kedia was reappointed as chief strategy and investments officer earlier this month.
  • The company focuses on content, commerce, and experiences within the esports ecosystem.
  • This move signals NODWIN's transition from a pure gaming entity to a youth media platform.

The bigger picture

  • Agarwal brings experience from taking Nazara Technologies public in 2021.
  • He previously led early investment into NODWIN while at Nazara Technologies.
  • His appointment adds credibility and governance expertise ahead of the IPO.
  • The secondary sale indicates existing investors are looking to exit partially.

About the business

  • NODWIN Gaming started as an esports-focused business in India.
  • It is now expanding into a broader youth media platform.
  • The company generates revenue through content, commerce, and live experiences.
  • It has established a presence beyond India with global expansion plans.
  • Revenue reached Rs 524 Cr in FY25 showing strong growth.
  • Growth rate has been over 50% CAGR since 2018.
  • Revenue for Q1-Q3 FY26 stood at Rs 530.3 Cr.
  • Operations were EBITDA positive in Q1-Q3 FY26.
  • FY26 revenue is expected to reach around Rs 700 Cr.

What happens next

  • The company will continue strengthening governance for its public listing.
  • Global presence expansion remains a key operational focus.
  • Secondary transactions will allow existing investors to offload stakes.

The deal

Type
pre-IPO fundraise

Founders

  • Akshat Rathee, Managing Director and Co-Founder
  • Manish Agarwal, Non-Executive Director

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