Gaming and esports media platform NODWIN Gaming has appointed Manish Agarwal, the former CEO of Nazara Technologies, to its board as a non-executive director, according to Inc42 Media. The move comes as NODWIN prepares for an initial public offering (IPO) and plans to raise $100 million in a pre-IPO round, following its demerger from Nazara last year.
Board Changes and IPO Preparation
Inc42 Media reports that NODWIN is planning to IPO and has announced plans to raise $100 million ahead of the public listing in a “mixed round.” In recent weeks, NODWIN also appointed Sidharth Kedia, a former CEO of NODWIN, as chief strategy and investments officer. The company also appointed Arnd Benninghoff, an EVP-Gaming at Modern Times Group, to its board.
Agarwal’s appointment is notable due to his direct history with NODWIN’s corporate development. According to Inc42 Media, he served as CEO of Nazara Technologies from 2015-2022 and was instrumental in Nazara’s IPO and its majority acquisition of NODWIN.
Agarwal’s Experience in Public Markets
During Agarwal’s tenure at Nazara, the company acquired a 55% stake in NODWIN through a combination of cash and stock, followed by a ₹64 crore cash infusion in 2024. Inc42 Media reports that Nazara’s stake in NODWIN fell below the majority mark after Nazara opted out of an internal fundraise last year to provide NODWIN with greater autonomy ahead of the IPO.
Agarwal was instrumental in Nazara’s public listing in 2021, which made Nazara the only listed mobile gaming company in India at that time, according to Inc42 Media. He is expected to apply this experience to help guide NODWIN’s IPO process, specifically by working on governance and strategic oversight as NODWIN scales across markets.
In a statement quoted by Inc42 Media, Agarwal said: “Having seen NODWIN’s journey from its early stages to becoming a leading force in youth culture and gaming, it’s been exciting to watch its evolution. As the company now prepares for its next phase, including its path towards public markets, I look forward to contributing to building a globally relevant and institutionally strong platform.”
Strategic Shift and Financial Performance
Inc42 Media reports that NODWIN is transitioning from esports to a youth media brand to differentiate itself from its former parent company Nazara. According to cofounder Akshat Rathee, quoted by Inc42 Media, the startup plans to raise $100 million in a pre-IPO round, with existing investors expected to partially offload stakes through secondary transactions.
On financial performance, NODWIN reported revenue of over ₹530 crore in the first three quarters of FY26 while maintaining EBITDA-positive operations, according to Inc42 Media. For FY25, revenue stood at ₹524 crore. Inc42 Media also reports that NODWIN’s revenue has grown at a CAGR of over 50% since 2018, based on company statements. Rathee expects NODWIN to close FY26 with ₹700 crore in revenue.
Leadership Appointments and Strategic Focus
Sidharth Kedia, who served as NODWIN’s CEO between 2019-2023, has been appointed as chief strategy and investments officer and will lead strategy, fundraising, and business combinations, according to Inc42 Media.
Arnd Benninghoff, who oversees strategic investments and portfolio growth at Modern Times Group, is expected to support NODWIN’s pre-IPO fundraising efforts.
Agarwal also cofounded Humyn Labs, a physical AI startup, in January 2025 to build data infrastructure for robotic systems, according to Inc42 Media.
Source: Inc42 Media