Nazara Technologies Founder Nitish Mittersain Steps Down as Managing Director
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Khushi Jain
- October 12, 2026
Listed gaming company Nazara Technologies has announced a leadership reshuffle, with founder Nitish Mittersain stepping down as managing director and taking up the role of Founder and Non-Executive Director.
Mittersain founded the company in 1999 and took it public in 2021. In his new role, he will continue to provide strategic guidance to the board.
Meanwhile, Mithun Sacheti, founder of CaratLane, has been elevated to the position of executive whole-time director for a period of five years. Sacheti joined Nazara’s board as an additional director earlier this year and will oversee strategic initiatives while taking on operational responsibilities.
“He understands the consumer business space, digital consumer ecosystems … He brings extensive entrepreneurial, consumer and brand building experience,” Nazara said in its disclosures to the stock exchanges.
Rohit Sharma to Exit Board in January 2027
Nazara’s board has also noted the resignation of Rohit Sharma as whole-time director, effective January 1, 2027, as he plans to pursue entrepreneurial opportunities.
Sharma joined the company’s board as an advisor in January 2025 and was subsequently appointed executive director in August.
The company has also announced the resignation of CFO Rakesh Shah, who is leaving to pursue external opportunities. Shah will exit the company on October 15 but will assist with transition duties for 90 days.
Arun Agrawal, former global CFO at Ness Digital Engineering, will replace Shah as Nazara’s chief financial officer. Shah has been with the gaming company since 2010.
The latest leadership changes come shortly after Mittersain stepped down as CEO, marking another transition in the company’s leadership.
Bluetile and BestPlay Acquisition Restructured
The leadership changes follow a series of business developments at Nazara, including its acquisition of Spanish gaming studios Bluetile Games and BestPlay Systems.
In March, Nazara acquired a 50% stake in Bluetile Games and its associate BestPlay Systems in a deal valued at $100.3 million at base value, with performance-linked earn-outs of up to $98.2 million.
The terms were subsequently restructured, with Nazara acquiring 100% of Bluetile and BestPlay for a fixed cash consideration of $303 million. The company paid $89 million upfront and committed to pay the remainder in agreed tranches by April 1, 2027.
Nazara also approved a Rs 733.5 crore fundraise through a preferential issue of equity shares to the founders and senior leadership team of Bluetile and BestPlay. The recipients include Bluetile founder and CEO Raymond Stauffer, who took over as Nazara’s CEO from Mittersain on September 1.
Bluetile and BestPlay together generated nearly Rs 1,400 crore in revenue in calendar year 2025. However, Bluetile’s EBITDA remained flat during the quarter despite a 54% increase in revenue, as the company faced rising user acquisition costs.
NODWIN Gaming Moves Towards Independent Listing
Nazara also saw its shareholding in gaming and esports media company NODWIN Gaming fall below 51% this year after it opted not to participate in a $100 million external funding round raised by NODWIN.
The reduction resulted in NODWIN being de-subsidiarised from Nazara. NODWIN is also seeking to list independently on the stock exchanges in the near future.
Nazara Reports Rs 82.5 Crore Net Loss in Q1 FY27
On the financial front, Nazara reported a net loss of Rs 82.5 crore on operating revenue of Rs 428.8 crore in Q1 FY27.
The company’s operating revenue declined 14% year-on-year to Rs 428.8 crore during the quarter.
FAQs
1. Who is stepping down as managing director of Nazara Technologies?
Founder Nitish Mittersain is stepping down as managing director and will take up the role of Founder and Non-Executive Director.
2. Who will replace Rakesh Shah as Nazara’s CFO?
Arun Agrawal, former global CFO at Ness Digital Engineering, will replace Rakesh Shah.
3. What is Mithun Sacheti’s new role at Nazara Technologies?
Mithun Sacheti has been appointed executive whole-time director for a period of five years.
4. What are the revised terms of Nazara’s Bluetile and BestPlay acquisition?
Nazara will acquire 100% of Bluetile and BestPlay for a fixed cash consideration of $303 million, with $89 million paid upfront and the remainder payable in agreed tranches by April 1, 2027.
5. What were Nazara Technologies’ Q1 FY27 financial results?
Nazara reported a net loss of Rs 82.5 crore on operating revenue of Rs 428.8 crore, which declined 14% year-on-year.
