Nazara Tech announces acquisition of Comic Con India

Bengaluru, 24 January: Gaming firm Nazara Technologies on Wednesday announced the acquisition of Comic Con India through its Nodwin Gaming Unit.

The 100 per cent stake acquisition in Comic Con India will be acquired at a valuation of Rs 55 crore, the company said in an exchange filing.

Comic Con India is famous for hosting multiple pop cultural festivals in India.Founded in 2011, Comic Con India orchestrates various festivals across India, celebrating popular culture elements including comics, cosplay movies, TV shows, merch, gaming and more.

In an exchange filing, Nazara Technologies 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 275 million shares 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,”Jatin Varma, founder, Comic Con India, said in the release.

"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.