Nazara Founder Nitish Mittersain Steps Down as MD
Nazara founder Nitish Mittersain steps down as MD; CaratLane’s Mithun Sacheti takes an executive director role.
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Nazara Technologies has announced a leadership reshuffle, with founder Nitish Mittersain stepping down as managing director. Mittersain, who founded the company in 1999 and took it public in 2021, has moved to the role of Founder and Non-Executive Director, in which he will continue to provide strategic guidance to the board.
CaratLane founder Mithun Sacheti, who joined Nazara’s board as an additional director earlier this year, has been elevated to Whole-time and Executive Director for a period of five years. He will oversee strategic initiatives and take on some operational responsibilities. In its disclosure to the bourses, Nazara cited his understanding of the consumer business and digital consumer ecosystems, along with his entrepreneurial, consumer and brand-building experience.
The board 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 board as an advisor in January 2025 and became executive director in August. CFO Rakesh Shah has also resigned and will be replaced by Arun Agrawal, former global CFO at Ness Digital Engineering. Shah, who has been with Nazara since 2010, exits on October 15 and will assist with transition duties for 90 days.
The changes follow Mittersain’s exit as CEO, with Bluetile Games founder Raymond Stauffer taking over on September 1. In March, Nazara acquired a 50% stake in Spanish casual gaming studio Bluetile Games and its associate BestPlay Systems at a base value of INR 100.3 million with earn-outs of up to INR 98.2 million. The terms were later restructured so that Nazara acquired 100% of both companies for a fixed cash consideration of INR 303 million, paying INR 89 million upfront and the remainder in tranches by April 1, 2027. Nazara also approved a ₹733.5 crore preferential issue to Bluetile and BestPlay’s founders and senior leadership. The two companies together generated nearly ₹1,400 crore in revenue in calendar year 2025.
Nazara has also seen the de-subsidiarisation of its gaming and esports media arm NODWIN Gaming this year, after it opted out of a INR 100 million external funding round, taking its shareholding below 51%. The company reported a net loss of ₹82.5 crore on operating revenue of ₹428.8 crore in Q1 FY27, with revenue down 14% year-on-year.
Nazara Technologies has announced a leadership reshuffle, with founder Nitish Mittersain stepping down as managing director. Mittersain, who founded the company in 1999 and took it public in 2021, has moved to the role of Founder and Non-Executive Director, in which he will continue to provide strategic guidance to the board.
CaratLane founder Mithun Sacheti, who joined Nazara’s board as an additional director earlier this year, has been elevated to Whole-time and Executive Director for a period of five years. He will oversee strategic initiatives and take on some operational responsibilities. In its disclosure to the bourses, Nazara cited his understanding of the consumer business and digital consumer ecosystems, along with his entrepreneurial, consumer and brand-building experience.
The board 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 board as an advisor in January 2025 and became executive director in August. CFO Rakesh Shah has also resigned and will be replaced by Arun Agrawal, former global CFO at Ness Digital Engineering. Shah, who has been with Nazara since 2010, exits on October 15 and will assist with transition duties for 90 days.
