Nazara Technologies, the Mumbai-headquartered gaming company, declared its strategic acquisition of Comic Con India through its subsidiary, Nodwin Gaming, on Wednesday. Under this agreement, Nodwin Gaming is set to procure the entire equity of Comic Con India Pvt Ltd at a noteworthy valuation of Rs 55 crore. As reported by CNBC TV18, the transaction, involving a combination of cash and share swaps, will see the founders of Comic Con India, Jatin Varma and Karan Kalra, receive Rs 27.44 crore in cash, with the remaining Rs 27.55 crore fulfilled through a share swap mechanism. Specifically, 172 equity shares of Nodwin will be issued against the equity shares of Comic Con.
According to Nazara Tech's filing to the exchanges, the acquisition is anticipated to conclude within the next 90 days, as per the report.
Jatin Varma, the founder of Comic Con India, expressed enthusiasm about the collaboration, stating, "For more than a decade, we have worked tirelessly to build a unique space in India for promoting and celebrating popular culture. And with that goal in our mind, I am very excited to join hands with Nodwin Gaming in taking the next step and building upon this goal together."
Upon the successful completion of the acquisition, Comic Con India will transition into a wholly-owned subsidiary of Nodwin and a step-down subsidiary of the parent company, according to Nazara Tech.
In a statement, Nazara Tech emphasised the strategic importance of integrating Comic Con India into Nodwin Gaming's portfolio. The move is expected to enhance and diversify Nodwin's offerings, particularly targeting the youth demographic in India. The company sees the integration as an opportunity to capitalise on the intersecting realms of Gaming, Pop Culture, and esports, creating scalable intellectual property both in India and on the global stage.
Comic Con India, founded in 2011, is renowned for organising festivals across various Indian cities, celebrating diverse elements of popular culture, including comics, cosplay, movies, TV shows, merchandise, and gaming. As of March 31, 2023, the turnover for Comic Con India stood at ₹16.26 crore. The festivals, held in cities like New Delhi, Mumbai, Bengaluru, Hyderabad, and Chennai, have gained widespread popularity, drawing in millions of fans across the country.