Krafton invests $22.4 million in Nodwin Gaming to sustain presence in overseas markets
NODWIN Gaming receives minority investment from South Korean Gaming firm KRAFTON. NODWIN Gaming intends to channelize these funds to accelerate the development of esports in South Asia and the Middle East & Africa to support talent, provide better gaming infrastructure and technology, and conceptualize, organize and execute a multitude of tournaments IPs at the national and international level.
This round of funding follows previous investments from Rakesh Jhunjhunwala-backed Nazara Technologies Limited and from JetSynthesys Private Limited backed by Infosys Limited co-founder Kris Gopalakrishnan.
“Esports will be a key pillar to the growth of sports entertainment in the future. It sits at a wonderful intersection of Sports, Entertainment, and Technology where nations such as India can pave the path. With KRAFTON coming on board, we have an endorsement from the mecca of Gaming and esports – South Korea, on what we are building from India for the world based on our competence in mobile-first markets. Gautam and I, the Co-Founders of NODWIN Gaming, continue our journey with all of our existing investors reinforcing their faith in us” says Akshat Rathee, Co-Founder & Managing Director, NODWIN Gaming.
“KRAFTON is excited to partner with NODWIN Gaming to help foster the promising esports ecosystem and engage with our fans and players in India,” expresses the CEO of KRAFTON, Changhan Kim, adding, “Taking the momentum from this partnership, we will explore additional investment opportunities in the region to uphold our commitment and dedication in cultivating the local video game, esports, entertainment, and tech industries.”
Post the transaction, Nazara will continue to own a stake in excess of 50% in NODWIN Gaming. Nazara invested in NODWIN Gaming in 2018 and this investment has created a value in excess of 6.44X in 3 years.
The CEO of Nazara technologies, Manish Agarwal adds, “We at Nazara congratulate the NODWIN Gaming team on the KRAFTON investment and it is a strong testimony of their leadership position in esports in India. Nazara has been an early and strong believer in the potential of esports to disrupt the sports entertainment market and we believe this partnership between KRAFTON and the Nazara group will accelerate the growth of esports and open doors for collaboration between Indians and Korean gaming companies in the future.”
Rajan Navani, VC & MD, JetSynthesys, Founder Investor of NODWIN Gaming shares, “We identified the early opportunity in esports as a key pillar to build the gaming ecosystem in India and this investment is an endorsement of the tremendous potential of esports in the journey of a new Atmanirbhar Bharat. Akshat, Gautam, and other members of the founding team are true gems of a youthful India that is raring to conquer the world and we at JetSynthesys are excited about what the future holds for us.”
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