Comic Con India’s founders, Jatin Varma and Karan Kalra, will sell their shares to Nodwin Gaming for ₹55 crore through a cash and share swap transaction.
Nodwin Gaming, a gaming firm owned by Nazara Technologies, has announced the acquisition of Comic Con India, which conducts pop cultural festivals in India.
Comic Con India, founded in 2011, organizes numerous festivals across India in categories such as comics, cosplay movies, TV series, retail, gaming, and more. Comic Con India’s founders, Jatin Varma and Karan Kalra, will sell their shares to Nodwin Gaming for ₹55 crore through a cash and share swap transaction.
The transaction would be done through a cash and share swap with the Comic Con India founders, Jatin Varma and Karan Kalra. Nodwin Gaming will pay Rs 27.45 crore in cash and the remaining Rs 27.55 crore in a share swap for the transaction.
Comic Con India was launched in 2011. The firm conducts a variety of festivals across India, covering topics such as comics, cosplay movies, TV series, retail, gaming, and more. “For more than a decade, we have worked tirelessly to build a unique space in India for promoting and celebrating popular culture,” Varma added.
The events take place in places such as New Delhi, Mumbai, Bengaluru, Hyderabad, and Chennai.
The founders will continue to run the company under Nodwin’s supervision. The managerial team of Comic Con India will also become Nodwin Gaming shareholders by exchanging 275 million Comicon India shares for Nodwin shares.
Nodwin stated that the acquisition will help the company extend its presence in the worldwide entertainment industry. “Nodin’s integration with Comic Con India will broaden and diversify its offering to all opportunities aimed at Indian youth. “With the continued convergence of gaming, pop culture, and esports into one interactive entertainment sector, Nodwin will add a robust IP that is scalable both in India and globally,” said Akshat Rathee, co-founder and managing director of Nodwin Gaming.
In January 2018, Nazara completed a cash-and-stock acquisition of Nodwin Gaming. In addition to Nazara, the gaming and entertainment business JetSynthesys owns an interest in Nodwin.
“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 of Comic Con India.