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Gaming and esports startup NODWIN Gaming has announced the appointment of Modern Times Group’s EVP-Gaming Arnd Benninghoff to its board amid plans to raise further capital. Benninghoff has been with MTG since 2014, where he oversees the group’s strategic investments and portfolio growth.
In a statement, the Nazara associate startup said that the appointment comes at a time when it is looking to initiate an initial public offering (IPO) after a fresh round of funding.
The startup said that its pre-IPO funding round will comprise fresh primary capital to drive global expansion via organic growth and strategic acquisitions. The round will also comprise of a secondary component to offer liquidity to existing shareholders.
It has appointed UBS to serve as the lead advisor for both the pre-IPO round and the subsequent public listing.
Important to note that NODWIN became an associate entity of Nazara in July 2025 after the latter announced that it doesn’t intend to participate in NODWIN’s fresh funding round. This reduced Nazara’s stake in the gaming entity to under 50%.
NODWIN’s cofounder Akshat Rathee described the de-subsidiarisation not as a separation, but as an evolution, noting that the startup needed access to larger capital pools than Nazara’s typical cheque size to pursue its ambitions.
The deconsolidation of NODWIN materialised in Q3 FY26, leading to a 85% YoY crash in Nazara’s esports revenue for the quarter to ₹34 Cr. Meanwhile, NODWIN’s revenue for the quarter surged 58% YoY to ₹261 Cr. Its EBITDA for the quarter stood at ₹40 Cr.
Founded in 2014 by Rathee and Gautam Virk, NODWIN operates in the esports, gaming, and youth entertainment segments. Nazara bought 55% stake in NODWIN in 2018, making it a subsidiary of the brand.
Its business centres around building and monetising youth focused content around gaming, esports, live events and content via its IPs like leagues, tournaments and reality shows.
Over the years, NODWIN has been backed by companies like Krafton, JetSynthesys, Sony Group and Innopark. It last raised $28 Mn at a post-money valuation of $349 Mn in 2023 to build an esports platform, power acquisitions and grow its international footprint.
The post NODWIN Gaming Ropes In MTG’s Arnd Benninghoff To Board Amid Fundraise Plans appeared first on Inc42 Media.
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