Ninjas in Pyjamas

Ninjas in Pyjamas (NIP) is a Swedish esports organization which began with a focus on Counter-Strike esports and has expanded to Rainbow Six Siege, Valorant, and FIFA competitions. As of January 2023, the team has amassed total prize winnings of USD 7.5 million, with a larger share being accounted for by its success with Counter-Strike, accounting for approximately 50% of total prize winnings. 

In August 2021, Ninjas in Pyjamas (NIP) announced a merger with Chinese esports brand ESV5, combining eStar Gaming and Victory Five to form "NIP Group." The merger, finalized in January 2023, aimed to generate over CNY 400 million (~USD 61.7 million) in 2021 revenue.

The merger enabled NIP to re-enter League of Legends (LoL) esports via the LoL Pro League (LPL) and leverage ESV5’s media expertise for global digital expansion. NIP planned to rebrand Victory Five and eStar Gaming for PC and mobile LoL esports, respectively. While NIP's Valorant, CS:GO, Rainbow Six Siege, and FIFA teams remain in Sweden, its LoL squad is based in Shenzhen, China.

In July 2024, the company debuted on the NASDAQ exchange, under the “NIPG” ticker, with its IPO valued at approximately USD 20.25 million.

Key customers and partnerships

In November 2024, NIP partnered with China Crown, a subsidiary of The9, to develop a competitive esports ecosystem for the MMORPG "MIR M”. The company partnered with automotive manufacturer BYD in March 2024, which involved the creation of fan experiences and activations.

In October 2021, NIP partnered with blockchain company Zilliqa to create tokenized fan experiences and enhance monetization. Initiatives included virtual merchandise and competitions, with the Zilliqa logo featured on NIP's CS:GO and Rainbow Six Siege jerseys. Financial terms were undisclosed. In the same month, NIP and Aser Ventures also launched Shinobi Esports, a joint venture to help sports clubs enter esports.