IPO Push: Nodwin Gaming Says It's Not Just An Esports Company Now. Its EVO Exit Helps Explain Why

For years, NODWIN Gaming was easy to describe. It ran esports tournaments, built gaming communities and rode the first wave of competitive gaming in India. That description is starting to feel outdated now. As Nodwin gears up for an IPO expected within the next two years, the company is making a broader case to investors.

Yes, gaming remains at the center of what it does. But management increasingly sees the business as a way to capture, and monetise, the attention of young consumers, whether they are watching a Valorant match, lining up for Comic Con India, or spending a weekend at NH7 Weekender.

Esports now accounts for about 35% of NODWIN's revenue. The remaining 65% comes from events, owned IPs and experiential businesses. In other words, the company that once made its name in gaming is increasingly earning its money from the wider culture that surrounds it.

"Our North Star is maximizing the timeshare of mindshare of the youth," Sidharth Kedia, NODWIN's Chief Strategy and Investments Officer told NDTV Profit. "Whether they are watching a tournament or attending a festival, they are engaging with a NODWIN property."

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Revenue Follows Attention

Kedia's favorite phrase is 'revenue follows attention,' and it is a useful shorthand for understanding how Nodwin wants to be valued. "At a fundamental level, we looked at our business through the lens of attention and how consistently we are able to capture, and then monetise it over time," he said.

It is a media investor's way of looking at the company. In India, where advertising still drives much of the economics of sports and entertainment, scale matters. The Indian Premier League is the obvious example. Media rights are worth what they are because millions of people show up, predictably and repeatedly. Nodwin believes the same principle can work across youth culture. Gaming may bring the audience in, but once that audience is assembled, the monetisation opportunities widen — tickets, sponsorships, brand integrations and media rights.

That also makes the business easier to explain to public-market investors. "We now operate on a robust, year-long schedule of established IPs," By shifting toward a calendar-led model of owned and operated IPs— ranging from the high-octane gaming arenas to festivals like NH7 Weekender and Comic Con India — Nodwin ensures a consistency of engagement.

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Why Walking Away From EVO Matters

One of the clearest signals of how management is thinking came earlier this year, when Nodwin exited its stake in the Evolution Championship Series, arguably the most prestigious tournament in the fighting-game world. EVO is a marquee property, but it is also expensive to scale globally. Nodwin sold its ownership stake to RTS and stayed on as a partner in emerging markets.

As EVO enters a high-intensity capital phase for global scaling, Nodwin has remained committed to its "step-ladder growth" DNA. Kedia notes that this disciplined approach allowed the firm to return to an EBITDA-positive state as of Q3 2025, even while maintaining a 58% year-on-year revenue growth.

"By transitioning our role, we have effectively de-risked our balance sheet from heavy capital calls while remaining a long-term partner," Kedia told NDTV Profit.

Nodwin's road to an independent listing began in July 2025, when Nazara Technologies chose not to participate in a funding round, allowing its stake to fall below 50%. The move gave Nodwin more freedom to raise capital and pursue a stand-alone listing. The company is now in the middle of a pre-IPO fundraising round of more than $100 million, reportedly led by UBS, at a valuation north of $400 million.

Looking ahead, Nodwin positions itself as the 'infrastructure layer' for youth entertainment. Whether the revenue mix shifts back toward esports during major milestones like the Esports Nations Cup 2026 or stays rooted in live festivals, the goal remains to maximize the "timeshare of mindshare" of the youth demographic.