E-sports and gaming company NODWIN Gaming announced on Wednesday its acquisition of Comic Con India, a popular pop cultural festival organizer catering to youth across the country, for a sum of Rs 55 crore.
Under the terms of the deal, NODWIN Gaming will secure 100% ownership of Comic Con India at a valuation of Rs 55 crore, utilizing a combination of cash and share swap from the founders, Jatin Varma and Karan Kalra. The managing team at Comic Con India will also become shareholders in NODWIN Gaming, exchanging their 27.5 crore shares for NODWIN shares.
Jatin Varma expressed excitement about the collaboration, stating, “For more than a decade, we have worked tirelessly to build a unique space in India for promoting and celebrating popular culture. And with that goal in our mind, I am very excited to join hands with NODWIN Gaming in taking the next step and building upon this goal together.”
Karan Kalra added that the strategic partnership will empower them to deliver remarkable events and experiences to pop culture enthusiasts throughout India.
Established in 2011, Comic Con India organizes diverse festivals across the nation, celebrating various elements of popular culture, including comics, cosplay, movies, TV shows, merchandise, gaming, and more.
Akshat Rathee, Co-founder and Managing Director of NODWIN Gaming, highlighted that the integration of Comic Con India will enhance and diversify NODWIN's offerings, targeting youth opportunities in India. The move aligns with the ongoing convergence of gaming, pop culture, and esports, providing NODWIN with a scalable and robust intellectual property that extends beyond India.
NODWIN Gaming, valued at $349 million, has a significant presence in South Asia, Singapore, the Middle East, and Turkey. Notable investors in NODWIN include Nazara, KRAFTON, Sony Group Corporation, and JetSynthesys. The acquisition of Comic Con India further strengthens NODWIN's position in the interactive entertainment sector.
(With Agency Inputs)