Nazara-backed esports and youth media platform NODWIN Gaming is planning to raise $100-200 million through a mix of primary and secondary funding as it gears up for an IPO, according to founder Akshat Rathee.
Speaking during Nazara Technologies’s Q4 FY26 earnings call, Rathee said the company aims to go public “as soon as possible.”
Nazara had first acquired a majority stake in NODWIN Gaming in 2018 and later increased its holding over the years. However, the company was deconsolidated from Nazara’s books during FY26 after a stake dilution, with Nazara now holding around 46-47% in the company.
The development comes at a time when NODWIN has improved its financial performance significantly. Nazara said the company posted an EBITDA profit of Rs 21 crore in FY26, compared to a loss of Rs 14 crore in FY25.
NODWIN also remained operationally profitable during the quarter despite taking a Rs 50 crore goodwill write-off linked to the acquisition of OML assets, including NH7 Weekender.
Founded in 2015 by Akshat Rathee and Gautam Virk, NODWIN started as an esports company and has since expanded into gaming content, youth entertainment, creator-led IPs, live events, and Comic Con operations. The company has also expanded internationally through acquisitions and partnerships across multiple regions.
According to Rathee, NODWIN’s core business registered organic growth of 25-35% during the year. The company has been positioning itself as a “live youth media company” with gaming at the center of its operations.
Nitish Mittersain also indicated that Nazara Technologies may look to monetise stakes in non-core businesses such as NODWIN Gaming in the future as it sharpens its focus on the core gaming segment. Meanwhile, the company is also planning to divest its esports and adtech businesses as part of this strategy.
Nazara, which listed in March 2021, saw its operating revenue decline to Rs 398 crore in Q4 FY26 from Rs 520 crore in Q4 FY25. For the full fiscal year, the company’s revenue from operations rose 12.6% to Rs 1,829 crore in FY26, while profit increased 60.8% to Rs 82 crore.