Berlin’s Freaks 4U Gaming has filed for insolvency after majority shareholder NODWIN Gaming pulled the plug on further funding, marking a dramatic collapse of what was supposed to be a transformative acquisition for India’s esports giant. The Charlottenburg District Court opened preliminary insolvency proceedings on November 21, appointing attorney Dr. Susanne Berner as administrator.​

NODWIN Gaming Pulls Funding as Freaks 4U Gaming Files for Insolvency

NODWIN, a subsidiary of listed Indian gaming firm Nazara Technologies, confirmed it has fully written off its investment in the German esports marketing agency, citing the lack of a realistic turnaround despite years of financial support. The impairment hit hard. Nazara recorded a provision of ₹384 crore (roughly $45 million) on the Freaks 4U investment in its Q2 FY26 results, contributing to the company’s first-ever quarterly loss at the standalone level.​

Back in June 2024, this looked like a winning play. NODWIN announced plans to increase its 13.51% stake in Freaks 4U to 100% through a share swap valued at €30.3 million. NODWIN sought the acquisition to gain a foothold in European markets and access Freaks 4U’s extensive production capabilities, including operations for Riot Games’ Prime League in the DACH region.

But the full deal never materialized. According to German business registry records, NODWIN held only 61.73% of Freaks 4U when insolvency proceedings began. Freaks 4U never met performance and integration milestones tied to later tranches as financial conditions deteriorated

Freaks 4U had already been struggling before NODWIN’s involvement. The company underwent major layoffs throughout 2024, discontinued legacy formats like Summoner’s Inn, and CEO Michael Haenisch publicly warned of an “esports winter” hitting European markets.​

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NODWIN will monitor the insolvency proceedings but made clear this marks the end of its European expansion experiment. The company is refocusing on emerging markets. India, MENA, and Southeast Asia, where it already has scale and owned IP. For Freaks 4U, the appointed administrator will now search for potential investors to salvage parts of the business.