Gaming and esports startup NODWIN Gaming has appointed Arnd Benninghoff, the Executive Vice President of Gaming at Modern Times Group (MTG), to its board as part of strategic moves to raise additional capital. Benninghoff, who has been with MTG since 2014, brings expertise in managing the group’s investments and portfolio growth.
The appointment aligns with NODWIN Gaming’s preparations for an initial public offering (IPO) following an upcoming funding round. The startup plans to secure fresh primary capital for global expansion through organic growth and acquisitions. Additionally, existing shareholders will have the opportunity for liquidity through a secondary component of the fundraising.
In a significant development, NODWIN Gaming became an associate of Nazara in 2025, with Nazara opting out of participating in NODWIN’s subsequent funding round, resulting in a decrease in its stake to under 50%. NODWIN’s co-founder, Akshat Rathee, emphasized that the transition from Nazara was not a separation but an evolution essential to access larger capital sources for NODWIN’s ambitious goals.
Following the deconsolidation in Q3 FY26, Nazara witnessed an 85% year-over-year decline in esports revenue, contrasting with NODWIN’s 58% year-over-year revenue growth to ₹261 Crore. NODWIN also reported an EBITDA of ₹40 Crore for the quarter, showcasing its financial resilience and growth trajectory.
Source: Inc42 Media