NODWIN Gaming has sold its entire stake in EVO — the Evolution Championship Series, the world’s most iconic fighting game tournament — to RTS, its long-standing global esports partner. The deal, announced on February 20, 2026, is a deliberate strategic pivot: NODWIN exits the global EVO ownership structure to sharpen its focus on emerging markets where gaming momentum is accelerating fastest.

NODWIN × EVO × RTS: What Changed and Why

NODWIN will continue supporting EVO’s expansion across emerging markets as a long-term partner through regional expertise and community relationships — it’s not a clean break, just a restructured one.

Detail	Info
Asset Transferred	Full NODWIN Gaming stake in Evolution Championship Series (EVO)
Buyer	RTS (long-standing NODWIN partner)
NODWIN’s Ongoing Role	Emerging market partner for EVO expansion
Reason for Sale	EVO’s next growth phase requires significant global investment; RTS better positioned to lead
NODWIN Revenue (9M FY26)	₹530.3 Crore (~$58.5M)
YoY Revenue Growth	58%
EBITDA Status	Positive as of Q3 2025
NODWIN Founded	2014, by Akshat Rathee and Gautam Virk
Key Investors	Nazara Technologies, KRAFTON, Sony Group, JetSynthesys, Good Game Investments
Global Presence	Taiwan, South Asia, Singapore, Middle East, Central Asia

The financial context matters here. NODWIN returned to EBITDA profitability in Q3 2025 while posting 58% revenue growth — reaching ₹530.3 Crore in the first nine months of FY26 alone. Selling the EVO stake is less about distress and more about capital discipline: redirecting resources toward building local IPs and sustainable ecosystems across the Global South rather than funding EVO’s capital-intensive global scaling.

What This Means for EVO and the Fighting Game Community

EVO has grown from a grassroots fighting game gathering into the world’s premier competitive fighting game platform over two decades. RTS takes on a property with enormous community equity and global brand recognition — and an ambitious expansion roadmap ahead. NODWIN’s regional operational strength, particularly in South Asia and the Middle East, will remain in play for emerging market rollouts.

Additional details on EVO’s emerging market strategy under the new structure are expected in the coming months.

For more on NODWIN’s esports portfolio, visit nodwingaming.com.

Check out our esports industry news on TechnoSports and our NODWIN Gaming and EVO coverage for the latest updates.

FAQs

Why did NODWIN Gaming sell its EVO stake?

EVO’s next growth phase requires significant global investment to scale; RTS is better positioned to fund and lead that expansion, while NODWIN refocuses capital on emerging markets and local IP development.

How is NODWIN Gaming performing financially?

NODWIN returned to EBITDA profitability in Q3 2025, with revenue of ₹530.3 Crore (~$58.5M) for the first nine months of FY26 — a 58% year-on-year increase.