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Nodwin Gaming —a subsidiary of Nazara Technologies — said it has raised $28 million in a funding round on Thursday, with participation from new and existing investors.

The funds will be used to expand and incubate new IPs, grow NODWIN’s presence in emerging markets, and make strategic acquisitions that will drive value to the network, it said in a statement.

“We have been able to exhibit a revenue CAGR (compounded annual growth rate) 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 global dominant position in mobile esports” said Akshat Rathee, Co-Founder and Managing Director, NODWIN Gaming.

With the confluence of gaming, esports and youth culture colliding at a rapid pace, as per Rathee, Nodwin is looking to build its value proposition as a sports media company—with a focus on esports, as per the statement.

All existing investors of NODWIN Gaming will join new incoming investors in this funding round, according o its regulatory filing. NODWIN last raised funds in March 2021 from South Korean gaming company KRAFTON, Inc. at a $135M (Rs 988 Cr) value, and this round values NODWIN at $325M (Rs 2624 Cr) pre-money and $349M post money which leads to a value accretion of 2.7X in 2 years.

This deal was spearheaded by Sidharth Kedia, CEO of NODWIN Gaming. Murtaza Somjee from Jerome Merchant + Partners was the legal advisor.