NODWIN Gaming has officially divested its entire stake in the Evolution Championship Series (EVO) to RTS, signaling a strategic pivot toward high-growth emerging markets.
The exit marks a significant portfolio realignment for the Indian esports giant. While NODWIN is stepping down from its ownership position, the company confirmed it will remain a long-term regional partner, specifically tasked with supporting EVO’s expansion across the Global South.
Strategic Realignment
The sale allows NODWIN to double down on its core mission: developing local intellectual properties and ecosystem infrastructure in nascent gaming territories.
“The transaction aligns with NODWIN Gaming’s renewed focus on emerging gaming markets,” the company stated, noting that it will continue to work closely with RTS to bring the world’s premier fighting game tournament to new audiences in the coming months.
Financial Performance and Growth
The divestment comes amid a period of robust financial recovery for the firm. Key highlights from the latest fiscal reports include:
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Profitability: NODWIN returned to an EBITDA-positive position in Q3 FY26.
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Revenue: Reported revenue of Rs 530.3 crore (~$58.5 million) for the first nine months of FY26.
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Year-on-Year Growth: A 58% increase in revenue compared to the previous fiscal year.
Ownership Context
NODWIN’s corporate structure has seen significant evolution over the last several years. Originally acquired by Nazara Technologies in 2018, the company has since transitioned away from majority control. As of July 2025, Nazara confirmed it no longer retains a majority stake, allowing NODWIN more autonomy in its global investment strategies.
RTS is expected to lead the next phase of EVO’s international growth, with further details on the partnership’s emerging market roadmap anticipated later this year.
By: Sandhya Bharti
