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Nazara Technologies founder Nitish Mittersain will step down as managing director and transition to the role of founder and non executive director, months after stepping down as CEO. The company has also redesignated Mithun Padam Sacheti as an executive director and appointed a new chief financial officer (CFO). The company’s board approved the changes at a meeting held on October 12, according to a stock exchange disclosure. Mittersain, who founded Nazara in 1999, will move out of his executive responsibilities as managing director, subject to shareholder approval. He will continue to provide strategic guidance to the company. In August 2026, Mittersain stepped down as CEO following the company’s Q1 FY27 results, which were hit by losses from associates and impairment charges. Meanwhile, Nazara has redesignated Sacheti from non executive director to whole time director and key managerial personnel, subject to shareholder approval. Sacheti, the founder of jewellery brand CaratLane, will oversee strategic initiatives and operational responsibilities assigned by the board. The company has also appointed Arun Agrawal as CFO from October 16, replacing Rakesh Shah, who will step down on October 15 to pursue a professional opportunity outside the company. Before joining Nazara, Agrawal served as global CFO at Ness Digital Engineering and held a senior finance role at Mastek. He has also worked with Firstsource Solutions, General Electric, Wipro and Tata Motors. In another leadership change, whole time director Rohit Sharma will step down from his position with effect from January 11, 2027, to pursue entrepreneurial opportunities. The leadership changes come as Nazara continues to expand its gaming portfolio. Separately, the board approved an investment of $77 million (around Rs 743 crore) in its UK subsidiary to fund the second tranche of consideration for its acquisitions of Bluetile Games and Bestplay Systems. The board also approved the allotment of 2.39 crore equity shares at Rs 306 apiece to five investors on a preferential basis, raising around Rs 731 crore. In addition, it approved the conversion of outstanding loans worth up to Rs 129.35 crore extended to Smaaash Entertainment and a £23 million (around Rs 294.4 crore) loan extended to its UK subsidiary into equity.
document fetched 2026-10-13 02:57