Nazara Technologies Leadership Changes and New Initiatives
Nazara Technologies has recently made significant leadership changes as Nitish Mittersain, the founder, will leave his role as managing director and take on the position of founder and non-executive director. This transition comes just months after he stepped down as CEO. The company’s board ratified these changes during a meeting on October 12, according to a disclosure made to the stock exchange.
Transition of Leadership Roles
Mittersain, who established Nazara in 1999, will relinquish his executive duties as managing director, pending shareholder approval. He will, however, continue to offer strategic guidance to the company. Back in August 2026, Mittersain had already stepped down as CEO following disappointing Q1 FY27 results, affected by losses from associates and impairment charges.
Mithun Padam Sacheti Designated as Executive Director
In another key development, Mithun Padam Sacheti has been renamed as an executive director, moving from his previous role as a non-executive director. This change is also contingent on shareholder approval. Sacheti, known as the founder of CaratLane, a jewellery brand, will be accountable for overseeing strategic initiatives and operational responsibilities assigned by the board.
Appointment of New Chief Financial Officer
Nazara Technologies has brought on Arun Agrawal as the new CFO, starting October 16. He replaces Rakesh Shah, who plans to leave the company on October 15 to explore an external professional opportunity. Before joining Nazara, Agrawal held the position of global CFO at Ness Digital Engineering and has also served in senior finance roles at Mastek. His prior experience includes working with prominent companies like Firstsource Solutions, General Electric, Wipro, and Tata Motors.
Exit of Whole Time Director Rohit Sharma
Additionally, whole time director Rohit Sharma is set to step down from his role effective January 11, 2027, as he intends to pursue entrepreneurial endeavors.
Strategic Growth and Investment Plans
These leadership shifts coincide with Nazara’s ongoing efforts to broaden its gaming portfolio. Separately, the board has approved an investment of $77 million (about Rs 743 crore) to its UK subsidiary. This funding will cover the second tranche of the consideration for acquiring Bluetile Games and Bestplay Systems.
The board has also sanctioned the allotment of 2.39 crore equity shares at Rs 306 each to several investors on a preferential basis, generating approximately Rs 731 crore. Furthermore, it has greenlit the conversion of outstanding loans, amounting to Rs 129.35 crore, provided to Smaaash Entertainment, along with a £23 million (approximately Rs 294.4 crore) loan issued to its UK subsidiary, into equity.