People · Consumer Internet & Media

NODWIN Gaming appoints Manish Agarwal as director

By Startup Enthusiast · 14 April 2026

What they do

NODWIN Gaming runs esports tournaments and youth media properties

It appointed Manish Agarwal as non-executive director ahead of a planned IPO

Agarwal previously led Nazara Technologies, which once owned a majority stake in NODWIN

NODWIN Gaming appointed Manish Agarwal as a non-executive director to its board.
It also appointed Arnd Benninghoff, an executive from Modern Times Group, to the board.
Benninghoff is expected to lead NODWIN's pre-IPO fundraising efforts.
NODWIN opted out of an internal fundraise last year to give itself autonomy ahead of its IPO.
The company is transitioning from esports to a youth media brand to differentiate from Nazara.
Existing investors are expected to partially offload stakes via secondary transactions, liquidating 10-15% of holdings.
Sidharth Kedia returned as chief strategy and investments officer; he was NODWIN's CEO from 2019 to 2023.

Manish Agarwal was instrumental in Nazara Technologies' own IPO in 2021, making it India's only listed mobile gaming company.
Nazara acquired a 55% stake in NODWIN via cash and stock, then infused ₹64 crore in 2024.
Nazara's stake fell below majority after it opted out of an internal fundraise to give NODWIN autonomy ahead of its IPO.

NODWIN Gaming operates esports tournaments and youth-focused media properties.
It generates revenue from sponsorships, advertising, and event fees.
The company reported revenue of over ₹530 crore in the first three quarters of FY26.
It posted ₹524 crore in revenue for the full FY25.
NODWIN has grown at a CAGR of over 50% since 2018.
It expects to close FY26 with revenue of ₹700 crore, with its India vertical profitable.

NODWIN plans to raise $100 million in a pre-IPO round.
It aims to transition from esports to a youth media brand to differentiate from Nazara.
Existing investors may partially offload stakes via secondary transactions, liquidating 10-15% of holdings.