NODWIN Gaming on Thursday said it has acquired gaming and esports media company AFK Gaming in a deal worth Rs 7.6 crore.
The acquisition of 93% of AFK’s share capital will be a combination of a cash and stock swap of NODWIN Gaming, which already owns the remaining 7% of the company. After the acquisition, AFK will be a wholly owned subsidiary of NODWIN Gaming.
The agreement is expected to strengthen NODWIN’s esports-related content production and distribution as well as its marketing and public relations services capabilities, according to the company.
“I have known Nishant, Sid and Rakesh since the inception of AFK Gaming. We all started at the same time, when the esports industry in India was just starting to take off. We have grown respect for each other over time by butting heads, competing, supporting each other when there was little hope,” said Akshat Rathi, co-founder of Nodwin Gaming.
“As we gather as a group, I welcome them as shareholders of NODWIN Gaming and as leaders in our group. I look forward to the many missions we will take on and go through together,” he added.
Founded in 2012 by Nishant Patel, Rakesh Ramachandran and Siddharth Nayyar, AFK Gaming’s clients include CyberPowerPC India, Crafton, Saudi Esports Federation, The Esports World Cup, Jio Games, TVS among others.
After the acquisition, the founders of AFK Gaming will become shareholders of NODWIN Gaming and join various verticals within the company.
“Joining the NODWIN group feels like a homecoming for us. When esports was just a coined term, Akshat and I agreed to work to grow the market rather than compete in an industry that had yet to prove itself. This led to a long and trusting relationship where Akshat viewed us as friends, investors, advisors and board members. Now that the industry has matured a bit, our existing synergy with NODWIN allows us to hit the ground running and we are confident in our ability to unlock the next level of growth for the group!” said Patel, Ramachandran and Nayyar, co-founders of AFK Gaming.
NODWIN, a physical subsidiary of listed entity Nazara Technologies, is an entertainment, gaming and esports company.
Nazara, in 2024, is on an acquisition spree and has acquired 15 companies so far, according to data website Tracxn, as it seeks to strengthen its portfolio and product offerings.