NODWIN Gaming on Thursday said it has acquired gaming and esports media company AFK Gaming in a deal worth Rs 7.6 crore.
The acquisition of 93% of AFK’s share capital will be a combination of cash and stock swap of NODWIN Gaming, which already owns the remaining 7% of the company. Post acquisition, AFK will become a fully owned subsidiary of NODWIN Gaming.
This deal is expected to strengthen NODWIN’s esports related content production and distribution as well as its marketing and public relations services capabilities, according to the company.
“I have known Nishant, Sid, and Rakesh since the inception of AFK Gaming. We all started out at the same time, while the esports industry in India was just beginning to pick up. We have built respect for each other over time by butting heads, competing, collaborating and supporting each other when there was little hope,” said Akshat Rathee, Co-founder of NODWIN Gaming.
”As we come together as one group, I welcome them as shareholders of NODWIN Gaming and as leaders in our group. I look forward to the many missions we will pick up and go on together,” he added.
Founded in 2012 by Nishant Patel, Rakesh Ramchandran, and Siddharth Nayyar, AFK Gaming’s clientele includes CyberPowerPC India, KRAFTON, Saudi Esports Federation, The Esports World Cup, Jio Games, TVS, among others.
Post the acquisition, founders of AFK Gaming will become shareholders of NODWIN Gaming and will join different verticals within the company.
“Joining the NODWIN group feels like a homecoming for us. When esports was barely a coined term, Akshat and us agreed to work to grow the market rather than compete in an industry that had yet to prove itself. This led to a long and trust-imbued relationship where Akshat watched over us as a friend, investor, mentor and board member. Now that the industry has matured a bit, our existing synergies with NODWIN allow us to hit the ground running and we’re confident in our ability to unlock the next level of growth for the group!,” said Patel, Ramchandran, and Nayyar, Co-founders of AFK Gaming.
NODWIN, which is a material subsidiary of listed entity Nazara Technologies, is an entertainment, gaming and esports company.
Nazara, in 2024, has been on an acquisition spree and has acquired 15 companies so far, according to data website Tracxn as it looks to strengthen its portfolio and product offerings.
