Nodwin Gaming Gains Momentum with IPO Plans, Appoints Manish Agarwal to Board

Nodwin Gaming Prepares for IPO, Raising Over $100 Million

Nodwin Gaming, a subsidiary of India's only listed mobile gaming firm Nazara Technologies Ltd, is gearing up for an initial public offering (IPO) and has inducted Manish Agarwal to its board as a non-executive director. Agarwal, who steered Nazara through its 2021 listing, joins Nodwin as the e-sports firm looks to transition from a venture-backed startup to a public-market candidate.

Nodwin, backed by prominent investors including Krafton Inc and Sony Group Corp, is conducting a pre-IPO fundraise, where it aims to secure capital from new and existing investors. The Gurugram-based company, valued at over $400 million as of late 2024, has made several top-level appointments in recent months to prepare for its IPO in 2-3 years. Former Nodwin chief executive Sidharth Kedia has returned as chief strategy and investments officer, and Arnd Benninghoff, an executive at Sweden-based gaming firm Modern Times Group, has joined the board.

As a non-executive director, Agarwal will act as a "debate partner" for co-founder Akshat Rathee. Nodwin's eight-year history as a subsidiary of the publicly-traded Nazara has already prepared its leadership for the compliance and reporting requirements of public entities. Nazara had originally acquired a 55% stake in Nodwin through a cash-and-stock deal in 2018 and has subsequently infused capital in the company in multiple tranches. In July 2025, Nazara said that it would no longer retain majority control in Nodwin, with its stake falling below 50%.

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

Nodwin's revenue stood at ₹524 crore in FY25, and in the first three quarters of fiscal 2026, the company's revenue has reached ₹530 crore while remaining Ebitda positive. Ebitda stands for earnings before interest, taxes, depreciation, and amortization and refers to a company's operating profit.

The entertainment and media industry in India is expected to benefit from rising per capita incomes and supportive technological infrastructure. A December 2025 report by PwC projected the industry's revenue to touch $47.2 billion by 2029, at a compounded annual growth rate of 7.8%. This growth rate surpasses the predictions for the E&M complex globally, which is expected to witness more muted growth at a 4.2% CAGR over the next five years.

As the fundraise plays out, Nodwin is executing a dual-track strategy of maintaining a profitable core while acquiring fast-growing entities. The company develops and monetizes intellectual property centered on youth activity in gaming, e-sports, music, anime, comics, and comedy. It holds intellectual properties like Comic Con India, Snapdragon Pro Series, Kingfisher India Premiership, and Valorant Challengers South Asia.

Read also: Zepto Nears $1 Billion Quarterly Net Order Value Milestone Before IPO

Currently, the business is split between a content division aimed at discoverability and live intellectual properties that serve as monetization multipliers. About 35% of the company's revenue comes from e-sports, and the rest from non-esport properties.