Nazara Technologies Limited, a diversified gaming and sports media platform, will acquire Comic Con India through its subsidiary Nodwin Gaming, while Singapore-based cricket NFT startup Rario will shut down its current platform from Jan 29.
Nazara Technologies to acquire Comic Con India
Nazara Technologies Limited, a diversified gaming and sports media platform, is set to acquire Comic Con India through its subsidiary Nodwin Gaming.
Nodwin Gaming will acquire 100% of Comic Con India’s shares at a valuation of Rs 55 crore, through a combination of cash and share swap from the founders of Comic Con India, Jatin Varma and Karan Kalra, as per a release. “I am thrilled that this strategic partnership will enable us to deliver amazing events and experiences to pop culture fans across India” said Kalra.
The founders of Comic Con India will continue to operate the business as part of Nodwin Gaming and the managing team at Comic Con India will also become shareholders in Nodwin Gaming by swapping Rs 27.5 Crores of their shares.
Comic Con India, founded in 2011, has evolved into a company orchestrating various festivals across India, celebrating a wide range of popular culture elements.
Rario to shut down its current NFT product
Singapore-based cricket NFT startup Rario will shut down its current product from January 29, according to a company statement. The company will launch a new version of the platform in March this year for which it has appointed a new management.
Rario cited new Web 3.0 regulations, crash of the NFT sector and management failure as reasons for the shutdown.
The digital collectibles platform allows fans to collect, trade, and own digital assets that represent their favourite players, teams and moments in cricket. It had raised $120 million in a Series A funding round led by India’s fantasy sports major Dream11 last year.
The founders of Rario, Ankit Wadhwa and Sunny Bhanot, exited the startup in September last year after reportedly being pushed out by Dream11 and other investors. The platform has also come under pressure due to the waning popularity of NFTs globally.