Nazara Technologies Founder Nitish Mittersain Steps Down as CEO

Nitish Mittersain, the founder of Nazara Technologies, has announced that he is stepping down as CEO. He is transitioning to the role of Managing Director, with Raymond A. Stauffer being named his successor. Mittersain made the announcement via LinkedIn, framing the move as the next planned step in a leadership journey he had mapped out when he returned for a second stint as CEO in 2022.

Mittersain's return four years ago came after Manish Agarwal completed his tenure in the role. The stated objective at the time was to strengthen the company, sharpen its identity as a gaming business, and prepare it for global growth before bringing in the right permanent CEO. By his own accounting, the four years delivered on most of those targets.

What Changed Under Mittersain's Second Stint

According to Mittersain’s LinkedIn announcement, revenue under his leadership grew from INR 1,091 Cr to INR 1,829 Cr between FY23 and FY26. EBITDA increased from approximately INR 110 Cr to INR 255 Cr. Market capitalization moved from roughly INR 3,800 Cr to over INR 1,25,00 Cr, with the share price appreciating approximately 120% adjusted for corporate actions. The company raised over INR 1,600 Cr in growth capital during the period, bringing in investors including SBI Mutual Fund, Nikhil and Nithin Kamath, and Mithun Sacheti. 

The most significant single move was the acquisition of Bluetile and BestPlay for $303M, Nazara's largest acquisition to date. The deals were part of a broader push to expand the company's footprint across mobile, PC, and console gaming while building capabilities in AI, data, product development, and user acquisition.

He said, "Not every decision worked exactly as planned. We navigated significant industry turbulence, some investments took longer to mature and a few integrations proved more challenging than expected."

What Comes Next for Nazara?

Stauffer joins as CEO, having worked closely with Mittersain over the past year at Nazara. Mittersain cited his founder mindset and global operating experience across gaming, AI, product, and data as the reasons for the appointment. As Managing Director, Mittersain says he will focus on long-term direction, strategic partnerships, and key stakeholder relationships rather than day-to-day operations.

Nazara was founded in 1999 and listed on Indian stock exchanges in 2021, the first and only Indian gaming company to do so. Mittersain wrote his first game aged seven, making his relationship with the medium a 40-year one by his own count. The transition marks the end of a period of significant financial growth for the company and the beginning of what Stauffer will need to demonstrate to sustain the company’s growth.