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Nazara Technologies on Wednesday said it will “de-subsidiarise” Nodwin Gaming, as the esports and events arm is raising fresh capital from certain existing shareholders to support its growth in the esports and youth media business.
The capital infusion, which does not involve any sale of shares by the listed gaming company, will dilute the parent firm’s stake in Nodwin Gaming below 50%, resulting in the latter’s reclassification from a subsidiary to an associate company, according to a stock exchange filing.
Nazara Technologies will nonetheless remain Nodwin Gaming’s largest single shareholder.
The board of Nazara Technologies approved the move at its meeting held on Wednesday. The capital funding and the associated dilution are subject to shareholder approval.
“The company, in line with its sharper strategic focus on core gaming IPs, has decided not to participate in the proposed capital raise by Nodwin. Consequently, the proposed capital raise will result in the shareholding of the company in Nodwin falling below 50%,” the filing said.
In line with this, Nazara Technologies also decided to waive certain controlling and restrictive rights it currently holds as the majority shareholder, to provide the esports company with greater operational and financial flexibility to raise timely funding.
Nazara Technologies acquired a 55% stake in Nodwin Gaming in January 2018. Most recently, in December 2024, it infused Rs 64 crore into the esports firm to support its growth, increasing its stake in the process.
The decision to step back from majority control comes as Nazara Technologies sharpens its focus on its core gaming intellectual properties and looks to acquire global gaming studios with established intellectual properties.
On April 18, ET reported that the company had earmarked Rs 800-1,000 crore this year for inorganic expansion, with a focus on global gaming studios with established intellectual properties and annual revenue of around Rs 100 crore.
In May, it acquired UK-based PC and console game publisher Curve Games for Rs 247 crore.
Other notable acquisitions include UK-based Fusebox Games, PokerBaazi parent Moonshine Technology, Comic Con India, marketing firm Publishme, which focuses on West Asia and Turkiye, Singapore-based events company Branded, Turkish esports firm Ninja Global and Paper Boat Apps, the creator of Kiddopia.
Nodwin Gaming has also been actively pursuing mergers and acquisitions. In June 2024, it agreed to acquire German esports and gaming marketing agency Freaks 4U Gaming in a share-swap deal worth around Rs 271 crore. Earlier, in February 2024, it announced the acquisition of Istanbul-based esports firm Ninja Global FZCO.
For the quarter ended March 2025, Nazara Technologies posted a 95% year-on-year increase in operating revenue to Rs 520.2 crore, with a net profit of Rs 4 crore.
In January, Plutus Wealth Management founder Arpit Khandelwal and CaratLane founder Mithun Sacheti invested Rs 495 crore in Nazara Technologies via Axana Estates LLP through a preferential allotment at Rs 990 per share, giving them a 5.4% stake. The deal triggered a mandatory open offer and was subsequently cleared by the Competition Commission of India.
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