NODWIN Gaming begins its pre-IPO fundraising journey.
NODWIN Gaming Preps for IPO, Adds MTG's Arnd Benninghoff to Board
The Gurugram-based esports company has launched a pre-IPO fundraising round as it pushes into markets across the Global South
Highlights
- NODWIN Gaming has initiated a pre-IPO fundraising round combining primary issuance and a secondary sale for existing shareholders.
- The company posted $58.5 million in revenue for the first nine months of FY26, a 42% year-over-year increase, and returned to EBITDA profitability.
- MTG executive Arnd Benninghoff joins the board as NODWIN expands across South Asia, Southeast Asia, the Middle East, and Africa.
NODWIN Gaming has kicked off a pre-IPO fundraising round and appointed Arnd Benninghoff, a senior executive at Sweden's Modern Times Group, to its board.
The round combines primary issuance for expansion and acquisitions with a secondary component offering liquidity to existing shareholders. NODWIN reported $58.5 million in revenue for the first nine months of FY26, a 42% year-over-year increase, and said it has returned to EBITDA profitability. The company did not disclose margins or a timeline for listing. Its last known valuation was $349 million, from a 2023 fundraise.
Who is Arnd Benninghoff? MTG gaming executive joins NODWIN board
Benninghoff has served as Executive Vice President of Gaming at MTG since 2014, overseeing the Swedish media group's gaming portfolio. Before that, he was Chief Digital Officer at ProSiebenSat.1 Media AG and Managing Director of SevenVentures. He has founded fifteen companies and previously sat on the board of Edgeware AB.
NODWIN Co-founder and Managing Director Akshat Rathee called Benninghoff "a rare leader who understands the entire lifecycle of the gaming and media ecosystem, from the boots-on-the-ground reality of building startups to the strategic complexity of managing multi-billion dollar global portfolios."
NODWIN Gaming's global expansion: StarLadder, EVO, and the Global South strategy
NODWIN operates across South Asia, Central Asia, Southeast Asia, the Middle East, and Africa, targeting young, mobile-first populations that Western gaming companies have been slower to reach. The company has framed this as a "Global South" strategy, positioning itself as a connector between global publishers and local audiences.
The company bought Ukraine-based StarLadder, a tournament organizer known for Counter-Strike and Dota 2 Majors. It also maintains a marketing partnership with the Evolution Championship Series (EVO) after selling its ownership stake to Saudi-backed RTS earlier this year. Domestically, it runs DreamHack India and Comic Con India.
The company, founded in 2014 by Rathee and Gautam Virk, counts Nazara, Krafton, Sony Group, and JetSynthesys among its investors. No target valuation or listing timeline has been disclosed.
Author
Krishna Goswami is a content writer at Outlook India, where she delves into the vibrant worlds of pop culture, gaming, and esports. A graduate of the Indian Institute of Mass Communication (IIMC) with a PG Diploma in English Journalism, she brings a strong journalistic foundation to her work. Her prior newsroom experience equips her to deliver sharp, insightful, and engaging content on the latest trends in the digital world.
Krishna Goswami is a content writer at Outlook India, where she delves into the vibrant worlds of pop culture, gaming, and esports. A graduate of the Indian Institute of Mass Communication (IIMC) with a PG Diploma in English Journalism, she brings a strong journalistic foundation to her work. Her prior newsroom experience equips her to deliver sharp, insightful, and engaging content on the latest trends in the digital world.
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