NODWIN Gaming, the esports and youth media platform backed by Nazara Technologies, is planning to raise between $100 million and $200 million through a mix of primary and secondary funding as it prepares for a public listing.
Speaking during Nazara Technologies’ Q4 FY26 earnings call, NODWIN founder Akshat Rathee said the company aims to launch its IPO “as soon as possible.”
Nazara Technologies had first acquired a majority stake in NODWIN Gaming in 2018 and gradually increased its holding over the years. However, following stake dilution during FY26, NODWIN was deconsolidated from Nazara’s financial books, with Nazara currently holding around 46–47% in the company.
The planned fundraise comes as NODWIN significantly improves its financial performance. According to Nazara, the company reported an EBITDA profit of ₹21 crore in FY26, compared to a loss of ₹14 crore in FY25.
NODWIN also remained operationally profitable during the quarter despite taking a goodwill write-off of around ₹50 crore linked to the acquisition of OML assets, including the popular music and culture festival NH7 Weekender.
Founded in 2015 by Akshat Rathee and Gautam Virk, NODWIN started as an esports-focused company before expanding into gaming content, creator-led intellectual properties, live events, youth entertainment, and Comic Con operations.
The company has also expanded internationally through acquisitions and strategic partnerships across multiple global markets.
According to Rathee, NODWIN’s core business recorded organic growth of 25–35% during FY26 as the company increasingly positions itself as a “live youth media company” with gaming at the center of its ecosystem.
Nazara Technologies founder Nitish Mittersain also indicated that the company may monetise stakes in non-core businesses like NODWIN Gaming in the future as it sharpens focus on its core gaming operations.
Meanwhile, Nazara is also exploring the divestment of certain esports and adtech businesses as part of its broader strategic restructuring.
Nazara Technologies reported a decline in quarterly operating revenue to ₹398 crore in Q4 FY26 from ₹520 crore a year earlier. However, for the full fiscal year, the company’s operating revenue grew 12.6% to ₹1,829 crore, while net profit rose 60.8% to ₹82 crore.
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