NODWIN Gaming has officially initiated its transition toward a public listing by launching a pre-IPO fundraising round and appointing industry veteran Arnd Benninghoff to its Board of Directors.
The move is designed to accelerate the company’s expansion across the Global South, including South Asia, Southeast Asia, and Africa. The subsequent IPO follows a period of significant growth that, according to the company, saw revenue reach USD 58.5M in the first nine months of Fiscal Year 2026.
The fundraising effort includes a primary issuance of shares to fund organic growth and strategic acquisitions, alongside a secondary sale to provide liquidity for existing shareholders. Benninghoff, currently the Executive Vice President of Gaming at Modern Times Group (MTG), joins the board with extensive experience in strategic investment and digital media. His appointment is intended to help the firm scale its proprietary IPs and navigate the complexities of global media portfolios as it targets a listing on the public markets.
Regarding the appointment, Akshat Rathee, Co-Founder and Managing Director of NODWIN Gaming, stated: “Arnd is a rare leader who understands the entire lifecycle of the gaming and media ecosystem. His insights will be invaluable as we continue to scale our IPs and explore new frontiers in youth entertainment.”
Arnd Benninghoff added: “The company sits at the intersection of sports, entertainment, and technology. I look forward to working closely with Akshat and the team to leverage my experience in strategic investment and digital media to help drive NODWIN’s next chapter of growth and innovation.”
The move toward an IPO follows a series of international expansions for the company. NODWIN recently acquired StarLadder, the Ukraine-based tournament organiser known for producing events including the recent Counter-Strike 2 StarLadder Major Budapest 2025.
Additionally, the firm maintains a long-term strategic marketing partnership with the Evolution Championship Series (Evo) even though it recently sold its share to RTS, and owns established regional IPs such as DreamHack India and Comic Con India. NODWIN also reinforced its management team with the recent appointment of Sonal Varma as Global Director of Live Initiatives.
According to a press release, the company returned to EBITDA profitability, suggesting a stabilisation of its business model after years of aggressive acquisition-led growth. This shift to the public market represents a significant milestone for the Indian esports sector.
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