NODWIN Gaming is planning to raise $100 million in a pre-IPO funding round to fuel expansion, strengthen its esports ecosystem, and prepare for a potential public listing. It reflects growing investor interest in India’s gaming and digital entertainment sector.
NODWIN Gaming planning to raise around $100 Mn in a pre-IPO round, cofounder Akshat Rathee revealed. The company is looking to transition into a youth media brand to differentiate itself from its one-time parent company Nazara.
Alongside this, existing investors may partially offload stakes via secondary transactions, which will allow limited liquidity of around 10-15%, without any full exits.
The company reported Rs. 261 Cr in revenue in Q3 FY26, a 1.6x surge year-on-year, along with a Rs. 40 Cr profit, a recovery from an Rs. 8.3 Cr loss in the previous financial year. The company is now targeting EBITDA-level profitability by FY26.
NODWIN already operates in over 22 countries. The company is taking a calibrated, process-driven approach to its IPO timeline. It is working through a structured readiness framework to cover financial performance, board and governance alignment, investor demand, regulatory compliance, and internal preparedness.
The funds are intended for deepening the core business; specifically IP expansion and monetisation. Rathee noted that international expansion is largely complete, and the capital will be directed toward expanding IPs and building better monetisation layers.
NODWIN is expected to close the current fiscal with a turnover of around Rs. 700 Cr, significantly higher than Nazara's revenue at the time of its IPO, while remaining profitable in India and sustaining a 20-40% annual growth trajectory.
NODWIN is betting on the rise of the fandom economy, where content, community, commerce, and experiences intersect. Rathee summed it up: the goal is not a billion-dollar valuation company, but a billion-dollar revenue company.
“The funding round will comprise a mix of primary issuance to fund the company's global expansion via organic growth and strategic acquisitions, alongside a secondary sale providing liquidity to existing shareholders,” the company said in a statement.