NODWIN Gaming appoints Arnd Benninghoff to board, begins pre-IPO fundraising

Gaming and esports company NODWIN Gaming has appointed Arnd Benninghoff, Executive Vice President of Gaming at Modern Times Group (MTG), to its board as the company prepares to raise fresh capital ahead of a planned public listing.

The appointment comes as the company begins a pre-IPO fundraising round, which will include a mix of primary capital to support global expansion through organic growth and strategic acquisitions, as well as a secondary sale to provide liquidity for existing shareholders.

NODWIN has also appointed UBS as lead advisor for both the pre-IPO round and the planned IPO.

Benninghoff’s background

Benninghoff has been with MTG since 2014, where he leads strategic investments and portfolio expansion. Over his career he has also held senior roles including Chief Digital Officer at ProSiebenSat.1 Media, Managing Director at SevenVentures and CEO of Holtzbrinck eLAB.

An entrepreneur by background, he has founded 15 companies and began his career as a journalist with Deutsche Presse-Agentur and several television networks.

Commenting on the appointment, Benninghoff said: “I have long admired NODWIN Gaming’s incredible trajectory and its unique ability to build vibrant, community-first ecosystems in the world’s most dynamic markets. The company sits at the intersection of sports, entertainment, and technology, making it one of the most exciting players in the global gaming landscape today. I am honored to join the Board and 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.”

Welcoming him to the board, NODWIN co-founder Akshat Rathee said Benninghoff’s experience across gaming, media and investment would be valuable as the company expands its intellectual property and youth entertainment portfolio.

“Arnd is a rare leader who understands the entire lifecycle of the gaming and media ecosystem, from the boots-on-the-ground reality of building startups to the strategic complexity of managing multi-billion dollar global portfolios,” Rathee said.

“His vision for the future of interactive entertainment aligns perfectly with our goal to become the definitive voice of gaming and youth culture in the Global South.”

NODWIN’s business and expansion

Founded in 2014 by Rathee and Gautam Virk, NODWIN Gaming operates across esports, gaming and youth entertainment. The company builds and monetises youth-focused content through leagues, tournaments, live events and digital properties.

NODWIN has expanded beyond South Asia to markets including Central Asia, Southeast Asia, and the Middle East. Its ecosystem now spans esports, gaming, music and youth culture, with properties such as DreamHack India and Comic Con India.

The company’s expansion has also included acquisitions such as StarLadder, an esports organiser known for major tournaments in titles including Counter-Strike: Global Offensive and Dota 2.

NODWIN became an associate entity of Nazara Technologies in July 2025 after Nazara chose not to participate in its latest funding round, reducing its stake to below 50%. Rathee described the move as an evolution rather than a separation, noting that the company required access to larger pools of capital than Nazara typically invests.

The deconsolidation had a significant impact on Nazara’s reported financials. In the third quarter of FY2026, Nazara’s esports revenue fell 85% year on year to Rs 34 crore following the change. During the same period, NODWIN’s revenue rose 58% year on year to Rs 261 crore, with EBITDA of Rs 40 crore.

The company has also reported a return to EBITDA profitability and 58% year-on-year revenue growth to $58.5 million in the first nine months of FY2026.

Over the years, NODWIN Gaming has attracted backing from investors including Krafton, JetSynthesys, Sony Group and Innopark. The company last raised $28 million in 2023 at a post-money valuation of $410 million, with plans to expand its esports platform, pursue acquisitions and grow its international presence.