NODWIN’s Pre-IPO Round, Funding Tanks In Q1 2026 & More

NODWIN’s Pre-IPO Funding Meal

NODWIN Gaming is moving beyond gaming and esports. Emerging from the shadows of its former parent Nazara, the company is transitioning into a broader youth media brand ahead of its IPO. For this, it is planning to raise a pre-IPO funding of $100 Mn. So, what’s the larger plan?

Mega Funding Makeover: Skipping aggressive geographic expansion, the company will deploy the warchest to expand its IPs and develop sophisticated monetisation layers. It plans to generate high-value demand in the Global North, while executing operations at scale  in cost-efficient emerging markets.

The Grand Pivot: To stand out on the D-Street, NODWIN will be positioning itself as a diversified youth media giant across the Global South, focused on two lucrative pillars – live events and content. Properties like Comic Con and the NH7 Weekender music festival anchor its on-ground experiential engine, while digital shows and podcasts serve as its content layer. This is expected to create a highly monetisable intersection of fandom, community, and commerce for the company.

The Calculated IPO March: NODWIN is taking a heavily calibrated approach to its listing timeline. The company is synchronising multiple readiness tracks before filing its DRHP:

• Financial Readiness: Prove margin expansion and consistent EBITDA profitability
• Governance Readiness: Aligning internal oversight with the strict compliance required of a publicly listed entity 
• Investor Readiness: Ensuring the book-building process and institutional demand are visible before the IPO
• Founder Readiness: Transitioning management mindset from the agile world of private fundraising to the world of quarterly reporting

With FY26 revenue projected near ₹700 Cr with sustained profitability, NODWIN sees the public markets as a stepping stone to building a billion-dollar revenue company. So, can NODWIN convince potential D-Street investors to value it as a high-growth youth media giant? Let’s find out… 

From The Editor’s Desk

Q1 2026 Funding Hits A Snag

• As per Inc42’s “Indian Tech Startup Funding Report, Q1, 2026”, funding raised by homegrown new-age tech ventures declined 26% YoY to $2.3 Bn in Q1 2026, while deal count rose 13% YoY to 260.
• The median ticket size stood at $3.3 Mn during the quarter, up 17% YoY, reflecting a shift towards disciplined cheque writing. Overall, more than 635 unique investors participated in funding activity during the quarter.
• Consolidation activity in Q1 2026 remained in line with last year. A total of 24 M&As were executed in Q1 CY26, 8% lower YoY. However, the number was 300% higher than six M&A deals that took place in Q4 2025.

Covrzy Shuts Shop

• Three years after its inception, the insurtech startup has wound up operations primarily due to a persistent financial crunch. Buyout deals also failed to materialise as acquirers sought 18-month lock-ins for the founding team. 
• Founded in 2023, Covrzy was a business insurance aggregator that offered insurance recommendations for startups and SMEs based on their needs, such as workforce and category of work. It onboarded 800+ businesses over its lifetime.
• Before shutting down, the Bengaluru-based startup raised $386K from Antler and Shastra VC. On the financial front, it was on track to close FY26 at ₹1.3–1.5 Cr in revenue. Covrzy is now focussed on transferring its clients to new insurance brokers

Morpheus Research Vs MakeMyTrip

• The activist short seller has accused the OTA of engaging in anti-competitive practices, using alleged accounting tricks to inflate its profits, and failing to protect customers from unsafe and “bad actor” hotels.
• The Morpheus report also claimed that MMT quietly removes hotels from its search results if they list cheaper prices elsewhere or refuse to deal exclusively with the platform. It also accused the OTA of engaging in cartel-like behaviour. 
• Morpheus also alleged that it found around 332 properties listed on MMT, where customers reported extortion at check-in, women’s safety concerns, or other serious issues. The report added that most of these hotels remain listed on MakeMyTrip.

Bachatt Bags $12 Mn

• The fintech startup has raised ₹112.6 Cr in its Series A round led by Accel to scale its existing offerings, build new wealth and credit solutions and achieve a user base of 3 Cr over the next 12-24 months.
• Founded in 2025, Bachatt started by offering investments in debt mutual funds. Since then, the platform has grown to become a savings solutions platform for merchants and self-employed individuals.
• Going forward, Bachatt now plans to expand its focus to AI-led wealth management and advisory services for non-salaried individuals. It also plans to roll out working capital solutions for merchants.

E2W Sales Soar In March

• Amid growing energy concerns triggered by the ongoing war in West Asia, electric two wheeler sales surged 59% month-on-month (MoM) to a record 1.78 Lakh units in March. On the back of this, many top OEMs witnessed double digit growth in sales.
• Market leader TVS recorded a 47% MoM increase in sales in March to 46,859 units, while Bajaj’s E2W sales grew 68% MoM in March to almost 43K units. Ather took the third spot on the sales chart by selling 33,600 units, up 19% MoM.
• Perhaps the biggest gainer last month was Ola Electric, which jumped back to the fifth spot in March. The EV maker clocked a 139% jump in registrations to 9.5K units compared to about 4K in the previous month.

Inc42 Markets

Inc42 Startup Spotlight

Building A New-Age Indian Home Appliance Brand

There is no dearth of home appliance companies in India, yet many brands still struggle to combine design, quality control and scale without burning margins. That’s the gap Nester wants to fix with its D2C model and sharper execution.

Chic Appliances For Indians: Founded in 2025, Nester is building a homegrown home appliances brand around products such as air fryers, toasters and juicers. While product design and reliability continue to be its moat, the biggest challenge for the D2C brand is to build enough brand trust and manufacturing depth to compete with rivals.

Going Vertical Steadily: Nexter currently relies on contract manufacturing to make its products, but it plans to set up its own facility soon to tighten quality control, improve supply chain visibility and lift margins. Going forward, the company also plans to expand into quick commerce and offline retail to reach impulse buyers and households that still prefer to shop in-store.

Competing In A Busy Market: The startup is banking on a category, which is being shaped by rising disposable incomes, smarter kitchen adoption and push for electric cooking. With India’s household appliances market projected to grow to $30 Bn by 2030, can Nester evolve into a durable Indian home appliances brand?

Infographic Of The Day

India’s startup ecosystem just got its Q1 2026 report card. Late-stage funding slowed, investor participation tightened, and only one new unicorn emerged this quarter. Is this a slowdown, or a much-needed correction?

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