Nodwin Gaming, a Nazara Technologies-owned gaming company, has officially announced the acquisition of Comic Con India. The acquisition, valued at ₹55 crore, involves Nodwin Gaming obtaining 100% of the shares of Comic Con India through a mix of cash and share swaps with the founders, Jatin Varma and Karan Kalra.
Nazara Technologies will pay ₹27.5 crore in cash, with the remainder settled through a swap of shares. The entire transaction is expected to be finalized within the next 90 days, according to a statement released by Nodwin Gaming.
Jatin Varma and Karan Kalra, the founders of Comic Con India, will retain their roles, and continue to operate under Nodwin.
Moreover, the managing team at Comic Con India will also become stakeholders in Nodwin Gaming by exchanging 275 million of their Comic Con India shares for shares in Nodwin.
Commenting on the acquisition, Akshat Rathee, co-founder and managing director of Nodwin Gaming, expressed enthusiasm, and emphasized the strategic importance of the acquisition, stating, “Integration of Comic Con India will amplify and diversify the offering of Nodin to all opportunities that target the youth in India. With the continued intersection of Gaming/ Pop Culture/ esports into one interactive entertainment sector, Nodwin will add a robust IP that is scalable both in India and Internationally“.
Comic Con India (CCI) is a series of annual comic-based conventions held in India. The first edition was held in New Delhi in 2011 and over the years has expanded to other major cities in India such as Mumbai, Bangalore, Pune, Hyderabad and Ahmadabad.