Mumbai: Youth entertainment, gaming and esports company  Nodwin  Gaming announced that its parent  Nazara Technologies has approved an investment of Rs 64 crores in it.

As per the press release, Nodwin  Gaming's board has approved plans to initiate a private financing round to accelerate the company's vision of becoming the No 1 new-age youth media, gaming and esports firm across emerging markets. As the first investor backing this investment, Nazara and Nodwin boards have both ratified this investment that is in the form of convertible preferred stock.

The funds raised in this round will be primarily allocated to fuel Nodwin Gaming’s ongoing expansion momentum, focusing on enhancing its capabilities, growing its portfolio of intellectual properties (IPs), and strengthening its presence in emerging markets.

Nodwin  Gaming has been growing organically and inorganically through acquisitions. In the recently announced quarter results of Q2 FY24, revenue grew 91 per cent on a QoQ basis and 111 per cent on a YoY basis. Nodwin  has recently announced the investment and scaling up of ComicCon India and the acquisition of Trinity Gaming.

Nodwin Gaming co-founder &  MD Akshat Rathee said, "As we continue on our growth and expansion journey, we remain fully committed to building a truly global company coming from India that leads with innovation, expanding our capabilities in new age media in emerging markets. Our focus is on capturing the attention and mindshare of the global youth."

The press release highlights Nodwin Gaming's global expansion, noting that the company manages a range of intellectual properties, including notable tournaments, festivals, and conferences in esports, gaming, music, comedy, pop culture, and live experiences that resonate with young audiences.

Recently, Nodwin has enhanced its portfolio through several strategic acquisitions, such as the German esports and gaming marketing agency Freaks 4U Gaming.