NODWIN Gaming eyes IPO in 12–18 months as live entertainment becomes its biggest growth bet
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NODWIN Gaming eyes IPO in 12–18 months as live entertainment becomes its biggest growth bet
Kedia’s first stint at NODWIN was about building value—raising nearly $50 million in institutional capital and scaling revenue almost tenfold. His second, founder Akshat Rathee believes, is about unlocking that value through an IPO.
Maryam Farooqui
July 13, 2026 / 07:35 IST
- NODWIN Gaming targets IPO in 12-18 months.
- Benefited from Nazara’s listed-company ecosystem.
- Live entertainment to be 70-75% of business.
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NODWIN Gaming is targeting an initial public offering (IPO) in the next 12 to 18 months. Still, unlike most startups, the company believes its journey to the public markets began years ago under parent Nazara Technologies’ listed-company ecosystem
Even so, management says the eventual timing of the listing will depend as much on market conditions as on the company’s own preparedness
“Most companies spend about 18 to 24 months preparing for an IPO. We’ve effectively been doing that for the last four years because we’ve operated as a deemed listed subsidiary of Nazara,” Sidharth Kedia, Chief Strategy and Investments Officer at NODWIN Gaming, told Moneycontrol
According to Kedia, operating under a listed parent has meant that governance structures such as audit committees, independent directors and board oversight were institutionalised long before the company began actively preparing its draft red herring prospectus (DRHP)
“Typically, startups build governance infrastructure as they approach an IPO. We’ve essentially been trained by Nazara on what functioning governance actually looks like—not governance that exists only on paper,” he said
That experience, he said, has fundamentally changed how decisions are made within the company
While startups are designed for speed, every major investment at NODWIN is now evaluated through the lens of shareholder value and board oversight. The next challenge, he added, is extending the same governance framework to the more than 20 founders whose companies have become part of the NODWIN ecosystem through acquisitions
Sidharth Kedia, Chief Strategy and Investments Officer, NODWIN Gaming
Markets to decide listing window
Despite targeting a listing over the next 12 to 18 months, Kedia said IPO readiness alone does not determine when a company goes public
“It’s equally dependent on market conditions,” he said, pointing to wars, oil price shocks and geopolitical uncertainty that have rattled markets in recent months
“We’ll continue reviewing the environment every quarter. If market conditions remain supportive, we’ll continue working towards that timeline. But if circumstances change, we’ll recalibrate accordingly.”
Kedia added that investor education will also form a key part of the IPO process, as NODWIN’s business spans gaming, live entertainment and international expansion—a combination that remains relatively new for Indian public markets
Live entertainment boom
Beyond the IPO, NODWIN is increasingly positioning itself as a live entertainment company rather than just an esports business
Kedia expects the live entertainment industry to grow five to ten times over the next five years, driven by rising discretionary spending, post-pandemic consumer behaviour and growing willingness to pay for experiences
“Digital content creates fandom. Live experiences monetise superfandom,” he said, citing the rapid sellout of Coldplay’s India concerts as an example of consumers paying a premium for shared experiences
He believes structural shifts are also working in the industry’s favour. AI has reduced the cost of creating digital content, while consumers have continued to prioritise experiences over possessions even after the pandemic
As a result, NODWIN expects live experiences—including esports tournaments, Comic Con, DreamHack, music festivals and creator-led events—to account for 70-75% of its business over the next four to five years, up from roughly 55-60% currently, while content will contribute the remaining 25-35%
Esports–more room to grow
Even as live entertainment becomes the larger opportunity, Kedia remains optimistic about esports
He said India is already among the world’s largest esports audiences by virtue of its scale, with mobile titles such as Battlegrounds Mobile India (BGMI) and Free Fire leading the market, while PC games such as Counter-Strike and Valorant continue to build communities
“Esports still has substantial room for growth,” Kedia said. “But if you ask me which segment is likely to grow even faster over the next several years, my answer would be live entertainment. Consumer behaviour is clearly moving towards experiences.”
NODWIN currently derives around 55% of its business from India, with the remaining 45% coming from international markets. The company continues to invest in Africa, Latin America and Central Asia, building event infrastructure and intellectual property as part of its global expansion strategy
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Maryam Farooqui is Senior Correspondent at Moneycontrol covering media and entertainment, travel and hospitality. She has 11 years of experience in reporting.
first published: Jul 13, 2026 07:35 am
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Maryam Farooqui
