 "Nazara Tech's Nodwin Gaming to acquire 100% stake in Comic Con India")
Nodwin Gaming, a subsidiary of Nazara Technologies, on Wednesday, announced that it will acquire a 100 per cent stake in Comic Con India at a valuation of Rs 55 crore. Comic Con India is famous for hosting multiple pop cultural festivals in India. The acquisition will be completed in 90 days.
In the announcement, Nazara Tech said that the acquisition will take place through a combination of cash and share swaps from Jatin Varma and Karan Kalra, the founders of Comic Con India. Varma and Kalra will, however, continue to operate the business as a part of Nodwin Gaming.
The two will also become the shareholders of Nodwin Gaming by swapping shares worth Rs 27.5 crore of Comic Con India with the company.
"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," added Jatin Varma, founder of Comic Con India.
Comic Con India was founded in 2011 and holds festivals across cities throughout the year. After the acquisition, the company will expand the number of festivals across the country and increase its penetration to other countries as well.
"And I am absolutely thrilled that this strategic partnership will enable us to deliver amazing events and experiences to pop culture fans across India," said Karan Kalra, partner and director at Comic Con India.
"With the continued intersection of Gaming/ Pop Culture/ esports into one interactive entertainment sector, Nodwin will add a strong and robust IP that is scalable both in India and internationally. Our quest for drawing millions of fans across the world will get another level up with Comicon," said Akshat Rathee, co-founder and managing director at Nodwin Gaming.
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