NODWIN Plans Large Fundraise Before IPO
NODWIN Gaming is preparing to raise between $100 million and $200 million through a mix of primary and secondary funding as the company accelerates preparations for its initial public offering (IPO).
The development was disclosed by NODWIN founder Akshat Rathee during Nazara Technologies’ Q4 FY26 earnings call, where he stated that the company intends to go public “as soon as possible.”
The planned fundraise comes at a time when NODWIN has significantly improved its financial performance while also expanding aggressively across esports, gaming content and youth-focused entertainment businesses.
Nazara’s Stake In NODWIN Diluted During FY26
Nazara Technologies first acquired a majority stake in NODWIN Gaming in 2018 and gradually increased its holding over the years. However, the company was deconsolidated from Nazara’s books during FY26 after stake dilution, with Nazara currently holding around 46-47% in NODWIN.
The change reflects NODWIN’s evolution into a larger independent gaming and youth media business as it scales operations across multiple entertainment verticals.
Founded in 2015 by Akshat Rathee and Gautam Virk, the company initially started as an esports platform before expanding into creator-led intellectual properties (IPs), gaming entertainment, live events and Comic Con operations.
Over the years, NODWIN has also expanded internationally through acquisitions and strategic partnerships across multiple geographies.
Company Improves Profitability Amid Expansion
According to Nazara Technologies, NODWIN posted an EBITDA profit of ₹21 crore in FY26 compared to a loss of ₹14 crore in FY25, marking a sharp improvement in operational performance.
The company also remained operationally profitable during the quarter despite taking a ₹50 crore goodwill write-off linked to the acquisition of OML assets, including the popular music and culture festival NH7 Weekender.
Rathee said NODWIN’s core business registered organic growth of approximately 25-35% during the year.
The company has increasingly positioned itself as a “live youth media company” with gaming remaining central to its business strategy.
Nazara Focuses More On Core Gaming Business
During the earnings call, Nitish Mittersain also indicated that Nazara may monetise stakes in non-core businesses like NODWIN Gaming as part of its sharper focus on the core gaming segment.
Nazara is reportedly exploring plans to divest its esports and adtech businesses as part of this broader restructuring strategy.
Meanwhile, Nazara’s own financial performance remained mixed during FY26. The company reported a decline in Q4 operating revenue to ₹398 crore from ₹520 crore a year earlier. However, full-year revenue from operations rose 12.6% to ₹1,829 crore, while net profit increased 60.8% to ₹82 crore.
Industry observers believe NODWIN’s planned IPO could become one of the most closely watched public listings in India’s rapidly growing gaming and esports ecosystem.
