Updated January 24th, 2024 at 12:05 IST
Nazara Technologies to acquire Comic Con India for Rs 55 crore
Founders Jatin Varma and Karan Kalra will continue with the Comic Con management post acquisition.
New partnership for AVGC: Mumbai-based sports media platform Nazara Technologies has said it will acquire Comic Con India in a Rs 55 crore-deal.
Through its subsidiary NODWIN Gaming, Nazara will acquire 100 per cent shares of Comic Con India at a valuation of Rs 55 Crore through a combination of cash and share swap deal.
Comic Con India founders Jatin Varma and Karan Kalra will continue and operate the business as part of NODWIN Gaming, Nazara said in a regulatory filing.
Notably, the managing team at Comic Con India will also become shareholders in NODWIN Gaming by swapping shares worth Rs 27.5 crore with those of NODWIN.
The move comes as part of the e-sports sector becoming mainstream, after the gaming sector took a pivot to create opportunities for tournaments as the sector was loomed by layoffs. The partnership also merges gaming with comics, as part of the larger Animation, Visual Effects, Gaming and Comics (AVGC) sector.
The acquisition, the company said, diversifies NODWIN Gaming's youth portfolio as well as marks a strategic expansion in the global entertainment landscape.
“We are thrilled to welcome the managing team of Comic Con India as partners and shareholders in NODWIN Gaming. Their trust in our vision reinforces our commitment to expanding our entertainment offerings. Integration of Comic Con India will amplify and diversify the offering of NODWIN to all opportunities that target the youth in India,” said Akshat Rathee, co-founder and Managing Director of NODWIN Gaming.
He added that Nodwin will add a robust IP with the intersection of gaming, pop culture and esports into one interactive entertainment sector, which is scalable in India as well as abroad.
“Our quest for drawing millions of fans across the world will get another level up with Comicon," he added.
Comic Con India was founded in 2011, organising various festivals across India to celebrate popular culture, or pop culture elements like comics, cosplay movies, TV shows, merchandise and gaming, among others. Held in New Delhi, Mumbai, Bengaluru, Hyderabad and Chennai, the festivals see increased interest from celebrities and fans alike.
Comic Con founders Jatin Varma and Karan Kalra said they have worked tirelessly to build a unique space in India for promoting and celebrating popular culture.
Published January 24th, 2024 at 12:05 IST