NODWIN Gaming, a material subsidiary of Nazara Technologies Limited, Thursday announced that it has signed definitive and binding documentation to raise $28 million (Rs 232 crore) in funding from new and existing investors.
All existing investors of NODWIN Gaming (Nazara, KRAFTON, Inc. and JetSynthesys) will join new incoming investors in this funding round. With the latest infusion, NODWIN has attained a post-money valuation of $349 million.
NODWIN last raised funds in March 2021 from South Korean gaming company KRAFTON, Inc. at a $135 million valuation.
The company will use the majority of these funds to grow its gaming and esports ecosystem by expanding and incubating newer IPs, expanding its emerging market footprint, and for strategic acquisitions, the company said in a statement.
“We have been able to exhibit a revenue CAGR of 68% over the last 2 years in a tumultuous market. We have managed this growth while being able to maintain profitability in our business and gain a globally dominant position in mobile esports while delivering shareholder value,” said Akshat Rathee, Co-Founder and Managing Director, NODWIN Gaming.
“As we migrate to the next phase of our evolution, we would like to build a global company that is a significant thought leader and the largest player in the emerging market space,” Rathee added.
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