Manish Agarwal (left) and NODWIN Gaming co-founder Akshat Rathee. Agarwal joins the company's board as Non-Executive Director. (Image credit: NODWIN Gaming)
NODWIN Gaming Adds Manish Agarwal To Board Ahead of Potential IPO
Agarwal, who played a role in taking Nazara Technologies public, joins as NODWIN advances a $100 million pre-IPO fundraise.
Highlights
- Manish Agarwal joins NODWIN Gaming's board as a Non-Executive Director.
- Agarwal led Nazara's early investment into NODWIN and is currently co-founder of KGeN, valued at approximately $500 million.
- The appointment is the fourth major leadership or board-level change at NODWIN in recent weeks as it prepares for a potential IPO.
NODWIN Gaming has appointed Manish Agarwal as a Non-Executive Director on its board. The move is the latest in a string of leadership and governance changes as the esports and youth entertainment company prepares for a potential public listing.
As a Non-Executive Director, Agarwal will work with the board and leadership team on governance, strategic oversight, and what the company describes as long-term value creation aligned with public market expectations.
"As the company now prepares for its next phase, including its path towards public markets, I look forward to contributing to building a globally relevant and institutionally strong platform," Agarwal said in a statement.
Who is Manish Agarwal?
Agarwal's relationship with NODWIN goes back years. He led Nazara Technologies' early investment into the former, and was Nazara's CEO when it went public as India's only listed gaming company. That history gives him familiarity with both NODWIN's business and the process of preparing a gaming company for Indian public markets.
Outside NODWIN, Agarwal is co-founder of KGeN (Kratos Gamer Network), a verified human distribution network organising micro-communities across the Global South. KGeN is backed by Accel and Prosus, with its most recent round valuing the company at approximately $500 million. He also founded Humyn Labs, which converts signals from real-world communities into structured intelligence systems for AI applications.
NODWIN Gaming's IPO preparation and recent leadership changes
Agarwal's appointment follows several other hires and board-level additions in recent weeks. The company brought back Sidharth Kedia earlier this month as Chief Strategy and Investments Officer to lead fundraising, M&A, and capital planning. Arnd Benninghoff, a senior executive at Sweden's Modern Times Group, also joined the board last month.
On the portfolio side, NODWIN sold its ownership stake in the Evolution Championship Series to Saudi-backed RTS earlier this year, freeing up capital while staying on as a marketing partner. Taken together, the moves suggest a company focused on tightening its structure and building the institutional depth that public market investors typically expect.
NODWIN Gaming revenue and operations in FY26
NODWIN posted revenue of INR 524 crore in FY25 and says it has already surpassed that figure. In the first three quarters of FY26, revenue reached INR 530.3 crore while the company maintained EBITDA-positive operations. The company says it has sustained a 50%+ CAGR since 2018.
Operationally, NODWIN was recently appointed India's National Team Partner for the Esports Nations Cup 2026, a $45 million competition in Riyadh where it will manage Indian rosters across 16 game titles.
Author
Vignesh Raghuram is the Editor of Outlook Respawn, where he leads editorial strategy across gaming, esports, and pop culture. With a decade of experience in gaming journalism, he has established himself as a trusted voice in the industry.
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