Nazara Technologies’ subsidiary NODWIN Gaming has announced acquiring another 93% stake in gaming and esports media company AFK Gaming for INR 7.6 Cr
This acquisition transforms AFK Gaming into a fully-owned subsidiary of NODWIN Gaming
This acquisition is expected to enhance NODWIN Gaming’s capabilities in content production and marketing services
Nazara Technologies’ subsidiary NODWIN Gaming has announced acquiring another 93% stake in gaming and esports media company AFK Gaming for INR 7.6 Cr via cash and equity swaps.
This acquisition transforms AFK Gaming into a fully-owned subsidiary of NODWIN Gaming, as it already owned 7% of the company.
This acquisition is expected to enhance NODWIN Gaming’s capabilities in content production and marketing services.
As part of this transaction, AFK Gaming founders will become shareholders of NODWIN Gaming and will be integrated into different verticals in the NODWIN Gaming ecosystem, the statement added.
Notably, NODWIN Gaming led the first round of investment in AFK Gaming in 2017.
Founded by Nishant Patel, Rakesh Ramchandran and Siddharth Nayyar in 2012, AFK Gaming is a Mumbai based media and entertainment and gaming company.
It operates an agency vertical known as Max Level, which provides tailored marketing services to tournament organisers, game publishers, and brands.
AFK Gaming’s clientele includes brands like ASUS ROG, CyberPowerPC India, KRAFTON, Saudi Esports Federation, ESL Faceit Group
On the acquisition, NODWIN Gaming cofounder Akshat Rathee, “I have known Nishant, Sid and Rakesh since the inception of AFK Gaming. We all started out at the same time, while the esports industry in India was just beginning to pick up. We have built respect for each other over time by butting heads, competing, collaborating and supporting each other when there was little hope. ”
The development comes in the same month as NODWIN injected INR 64 Cr (around $7.5 Mn) into its subsidiary NODWIN Gaming International to drive growth and global expansion.
Recently, NODWIN Gaming acquired a gaming agency and platform Trinity Gaming for INR 24 Cr ($2.8 Mn). Earlier in November, Nazara raised INR 855 Cr ($101.3 Mn) from SBI Mutual Fund, Caratlane founder Mithun Sacheti, Aamara Capital, among others.
It is pertinent to note that NODWIN Gaming has been deploying acquisitions to fuel its growth lately.
NODWIN’s list of acquisitions includes Ninja Global FZCO, India’s Comic Con, the German esports and gaming marketing agency Freaks 4U Gaming, the West Asia and Turkey-focused marketing agency Publishme, the Singapore-based live events firm Branded, and the Turkish esports and gaming company Ninja Global.
Founded in 2014 by Akshat Rathee and Gautam Virk, NODWIN Gaming is gradually emerging as a youth-centric recreational, entertainment company with esports being its primary focus area.
On the financial front, NODWIN Gaming also claimed a 91% increase in revenue quarter-on-quarter (QoQ) and a 111% increase year-on-year (YoY) for Q2 FY24. The company also informed that as of Nov 2024, Nodwin Gaming was valued at $410 Mn or INR 3,441 Cr.
In June, NODWIN claimed that it contributes 37% to Nazara’s total revenue, having grown 25X in just six years. Its revenue surged from a modest INR 18 Cr in FY18 to INR 427 Cr in FY24.
It is pertinent to note that the online gaming industry is still grappling with vague regulations as well as the aftermath of the Centre’s decision last year to hike the goods and services tax (GST) on online games and casinos from 18% to 28%.
Shares of Nazara were trading 1% below at INR 1040.75 at 1:59 PM on the BSE.
