Nodwin Gaming CEO Siddharth Kedia steps down

Siddharth Kedia, the CEO of Nodwin Gaming, which is the esports and gaming division of Nazara Technologies, has announced his resignation after a four-year tenure. This decision was made public by the company on November 1. In light of this development, Karandeep Singh, the Chief Financial Officer of Nodwin Gaming, will take on responsibilities related to company acquisitions and investor relations, while Gautam Singh, the Co-CEO of Nodwin Gaming, will oversee operational aspects of the role.

According to a stock market filing by Nazara Technologies, Kedia is planning to explore new opportunities and challenges that align with his long-term career goals. However, his specific next move remains undisclosed.

Chirag Shah, who has been heading Nazara Technologies' telecom business for 16 years, is also resigning from the organization to pursue new opportunities. Shah joined the firm in 2007 and has previously worked with BPL and Vodafone.

A few years ago, telecom distribution, which allowed people to subscribe to curated game packs through telecom operators, was a major contributor to Nazara Technologies' revenue, accounting for approximately 89% in the financial year 2018. However, over the years, this business has significantly reduced in size as Nazara Technologies expanded into gamified learning and esports. Telecom subscriptions now make up only about 4% of its revenue in the financial year 2023.

Siddharth Kedia previously served as the deputy Chief Commercial Officer and Chief Strategy Officer at Viacom18 for approximately two and a half years, with additional responsibilities in M&A, corporate strategy, and data sciences. Before that, he worked with Network18 as the Head of Corporate Strategy, Digital (Non-News), closely collaborating with the Chairman's office and Network18 at Reliance Industries. In 2007, Kedia co-founded Ambit Pragma Ventures, a private equity firm that focuses on providing growth capital to SMEs (Small and Medium Enterprises). He established the media and entertainment division of the firm.

Kedia's departure coincides with Nodwin Gaming's expansion into the Indian and international markets through a series of investments and acquisitions. Notable recent activities include the acquisition of a 100% stake in Publishme, a game marketing agency, by Nodwin Gaming's Singapore unit for $2 million. This acquisition aims to enhance the company's offerings for publishers and brands. Other investments and acquisitions include the purchase of a 51% stake in Branded, a Singapore-based live events firm, for up to $1.3 million in April 2023, and the acquisition of the gaming and associated IP businesses of OML Entertainment for INR 73 crore in September 2021. This includes the NH7 Weekender music festival. Additionally, Nodwin Gaming purchased a 10.26% stake in Rusk Media, a digital media company, for INR 10 crore in 2021 and a 35% stake in Brandscale Innovations, a gaming accessories maker under the brand name Wings, in April 2021. In January 2022, it acquired Planet Superheroes, a retailer specializing in superheroes, pop culture, and comics merchandise, for INR 4.9 crore.

Nodwin Gaming, founded by Gautam Singh Virk and Akshat Rathee, owns a variety of intellectual properties, including important festivals, tournaments, conferences in gaming, esports, comedy, music, and live experiences. It caters to gaming enthusiasts and operates across multiple offices in Singapore, Turkey, South Asia, and the Middle East.

In May 2023, Nodwin Gaming secured $28 million in funding from new investors Innopark and Sony Group Corporation, as well as existing investors like Krafton, Nazara, and JetSynthesys. This funding round valued the company at $349 million, marking a significant increase from its previous valuation of $135 million, which was achieved in March 2021.