Stake sale · Consumer Internet & Media

NODWIN sells EVO stake to RTS

By Startup Enthusiast · 20 February 2026

What they do

NODWIN Gaming sold its entire stake in EVO, the world's most iconic fighting game tournament, to RTS

NODWIN will remain a long-term regional partner for EVO expansion in emerging markets

The company is EBITDA-positive with revenue of INR 530.3 crore for the first nine months of FY26

NODWIN Gaming sold its entire stake in EVO, the world's most iconic fighting game tournament, to RTS.
RTS is a long-standing partner in the global esports ecosystem and now owns EVO.
NODWIN will remain a long-term regional partner for EVO's expansion in emerging markets.
The company plans to focus on emerging markets, local IPs, and ecosystem development in the Global South.
Further announcements on EVO's emerging market strategy are expected in the coming months.
NODWIN reported being EBITDA-positive as of Q3 FY26.
Its revenue for the first nine months of FY26 was INR 530.3 crore (USD 58.5 million), up 58% year-on-year.

NODWIN's sale of EVO aligns with its strategic shift toward emerging markets and local IPs.
The company's strong revenue growth and EBITDA positivity may support its focus on core regions.
Nazara Technologies acquired a 55% stake in NODWIN in January 2018 but no longer holds a majority as of July 2025.
This move could signal a broader pivot away from global tournament ownership toward regional ecosystem building.

NODWIN Gaming operates in the esports and gaming media sector.
It organizes and manages esports tournaments and events.
The company creates and distributes gaming-related content.
It focuses on emerging markets, particularly in the Global South.
NODWIN generates revenue through sponsorships, media rights, and event operations.
The company is based in Gurugram, India.
It reported revenue of INR 530.3 crore (USD 58.5 million) for the first nine months of FY26.
NODWIN achieved EBITDA positivity in Q3 FY26.

NODWIN will focus on emerging markets, local IPs, and ecosystem development in the Global South.
Further announcements on EVO's emerging market strategy are expected in the coming months.