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NODWIN Gaming Ropes In MTG’s Arnd Benninghoff To Board Amid Fundraise Plans
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D2CX by Inc42 is a 12-week hands-on program to help you level up your D2C game. Learn from India's top 1% D2C founders and experts through actionable insights, proven strategies and tactics on how to 10X your D2C brand.
ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
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
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.
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.
Editor’s Note: The story has been edited to remove the reference to UBS after NODWIN Gaming said it was “inadvertently” included in the statement.
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ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
D2CX by Inc42 is a 12-week hands-on program to help you level up your D2C game. Learn from India's top 1% D2C founders and experts through actionable insights, proven strategies and tactics on how to 10X your D2C brand.
ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
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
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.
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.
Editor’s Note: The story has been edited to remove the reference to UBS after NODWIN Gaming said it was “inadvertently” included in the statement.
Unlock special offers and join 10,000+ founders, investors & operators staying ahead in India’s startup economy.
Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the
hottest startup deals, supercharge your innovation projects, and stay updated with expert
curation.
Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn
to validate ideas, acquire customers, secure funding, and navigate the journey to startup
success.
Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence,
understand market landscapes, and decode emerging trends to make informed decisions.
Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful
investors, and keep track of upcoming funds, accelerators, and more.
Join a community of 10,000+ leaders & operators – unlock unlimited access to Inc42 stories,
videos, deals, member-only perks, and more.
Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of
40,000+ stories.
Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of
40,000+ stories.
Over $250,000 worth deals on software & tools to help your business scale up.
Network with industry leaders & operators with exclusive invites to Inc42’s
member-only virtual events
Enjoy an ad-free and clutter-free
experience as a member, focus on
what really matters to you
Your contribution will go on to
support and empower our unbiased
& data-driven journalism
Join 1000's of entrepreneurs, business leaders & makers and stay ahead with our sharp,
incisive & data-driven analysis on India’s tech and startup economy!
Unlock personalised stories, ad-lite reading, and exclusive newsletters on Inc42.
Tired Of Playing Catchup On Indian Tech?
Stay Ahead. Every Morning at 8
Get The Week’s Most Consequential Developments.
Inc42 In-Depth is your daily 9 PM newsletter with sharp insights from India’s startup economy.
Inc42 Moneyball is your Thursday newsletter on India’s venture capital trends. 4 PM sharp.
Inc42 Markets is your weekly newsletter on tech IPOs & startup stocks. Every Sunday
get access to a list of 200+ family offices betting big on startups
Get access to a list of Alma Mater Of India's Unicorn & Soonicorn Founders
Explore 75,000+ startups, 3,500+ investors, 25,000+ funding rounds and more. Build shortlists and export them instantly.
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AI Description
NODWIN Gaming is enhancing its board with the addition of Arnd Benninghoff from Magic: The Gathering (MTG) as part of its pre-IPO funding round. This move aims to support the company's global expansion through organic growth and strategic acquisitions.