People · Consumer Internet & Media

Nazara appoints new CEO, founder steps down

By Startup Enthusiast · 4 August 2026

Date: 4 August 2026
Company: Nazara Technologies
What it does: Indian gaming and esports company
Kind: People
Founded: 1999
Sector: Consumer Internet & Media

What they do

Nazara Technologies is a listed Indian gaming company operating gaming, esports, adtech and offline entertainment

What happened

Founder Nitish Mittersain steps down as CEO from 1 Sep 2026; Raymond A

Why it matters

Stauffer, former Google executive and founder of Bluetile and BestPlay, takes over; the board will meet on 6 Aug 2026 to consider a fundraise, and Nazara…

The details

Nitish Mittersain, founder of Nazara Technologies, is stepping down as CEO effective 1 Sep 2026.
He will continue as Founder and Managing Director of the company.
Raymond A. Stauffer will take over as the new CEO from the same date.
Stauffer is the founder and former CEO of Bluetile and BestPlay, which Nazara acquired for $303 million in an all-cash deal.
He is an MIT alumnus (AI and machine learning business programme) and a former Google executive.
The Nazara board will meet on 6 Aug 2026 to consider a fundraise of Rs 500 crore via preferential issue of warrants.
Nazara reported a net loss of Rs 79.9 crore for Q1FY27, compared to a profit of Rs 53.4 crore a year ago, partly due to deconsolidation of NODWIN Gaming.

The bigger picture

The CEO change comes as Nazara integrates the $303 million acquisition of Bluetile and BestPlay, expected to consolidate from Sep 2026.
Nazara plans to divest non-core businesses (esports, adtech) to focus on core gaming.
The company is raising Rs 500 crore through a preferential issue of warrants from investors including Riambel Capital PCC and S Gupta Family Investments.

About the business

Nazara Technologies is an Indian gaming company listed on stock exchanges.
It operates across gaming, esports, adtech, and offline entertainment segments.
Its gaming segment contributed Rs 275 crore in Q1FY27, 64% of total revenue, with an EBITDA margin of 19.5%.
Offline gaming (Smaaash and Funky Monkey) combined revenue was Rs 34 crore in Q1FY27, up 30% sequentially.
Sportskeeda revenue was Rs 27.8 crore, down 42.2% YoY.
AdTech (Datawrkz, Space & Time) revenue was Rs 126 crore, up 18.9% YoY.
Nazara deconsolidated NODWIN Gaming in Aug 2025, making Q1FY27 results not directly comparable with the year-ago period.

What happens next

Nazara plans to divest non-core businesses (esports, adtech) to focus on core gaming.
The board will meet on 6 Aug 2026 to consider a fundraise of Rs 500 crore via preferential issue of warrants.
Bluetile and BestPlay are expected to be consolidated from the Sep 2026 quarter onwards.

The deal

Type: acquisition

Investors

Riambel Capital PCC (participated) — Participated in the Rs 500 crore preferential issue of warrants.
S Gupta Family Investments (participated) — Participated in the Rs 500 crore preferential issue of warrants.
Classic Enterprises (participated) — Participated in the Rs 500 crore preferential issue of warrants.
Founders Collective Fund (participated) — Participated in the Rs 500 crore preferential issue of warrants.
Plutus Investment and Holding (participated) — Participated in the Rs 500 crore preferential issue of warrants.
Axana Estates LLP (participated) — Invested Rs 495 crore in Nazara in Jan 2025.
SBI Mutual Fund (participated) — Invested in Nazara's Rs 855 crore fundraise in Nov 2024.

Founders

Nitish Mittersain, Founder and Managing Director (outgoing CEO)

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