Nazara’s NODWIN Gaming To Buyout Comic Con India For INR 55 Cr
Nazara Technologies’ esports subsidiary NODWIN Gaming will pick up 100% stake in Comic Con India for INR 55 Cr ($6 Mn) in a cash and stock deal, according to a filing.
With this buyout, NODWIN not only looks to diversify its youth portfolio but also to strategically expand its presence in the global entertainment space.
In line with this deal, the management team at Comic Con India will become shareholders in NODWIN Gaming by swapping worth 27.5 Cr of their Comic Con India shares for NODWIN shares, the filing added.
Jatin Varma, founder, Comic Con India, said, “For more than a decade, we have worked tirelessly to build a unique space in India for promoting and celebrating popular culture. And with that goal in mind, I am very excited to join hands with NODWIN Gaming in taking the next step and building upon this goal together.”
Karan Kalra, partner & director at Comic Con India added “I am thrilled that this strategic partnership will enable us to deliver amazing events and experiences to pop culture fans across India.”
Founded in 2011, Comic Con India has evolved into a company orchestrating various festivals across India, celebrating a wide range of popular culture elements including comics, cosplay movies, TV shows, merch, gaming and much more. These festivals, hosted in cities like New Delhi, Mumbai, Bengaluru, Hyderabad, and Chennai, have become integral parts of India’s cultural calendar.
The merger of Comic Con India into NODWIN Gaming will create a unique platform for gaming and pop culture enthusiasts, aiming to expand festivals to more cities and markets.
Akshat Rathee, cofounder and managing director of NODWIN Gaming, said, “With the continued intersection of gaming/pop culture/esports into one interactive entertainment sector, NODWIN will add a robust IP that is scalable both in India and Internationally.”
Founded in 2014 by Akshat Rathee and Gautam Virk, NODWIN Gaming is an esports company that owns a slew of gaming and sports entertainment intellectual properties (IPs), and offers sports-related products and services to customers. Nazara acquired a majority stake in the esports company in 2018.
NODWIN Gaming has been on an acquisition spree since last year. It acquired a 51% stake in mediatech startup Branded in an all-cash deal worth $1.3 Mn. In December, NODWIN invested INR 33.26 Cr in Germany-based Freaks 4U Gaming GmbH via convertible note.
Earlier, it was planning to raise $28 Mn (INR 232 Cr) as part of a strategic funding round from new and existing investors.
In April 2022, the esports company also picked up a 35% stake in gaming accessories brand Wings for INR 10.01 Cr. Prior to that, NODWIN acquired a 100% stake in licensed merchandising D2C brand Planet Superheroes in January 2022.