Published on: October 14, 2026
Nazara Technologies has announced a series of leadership and financial changes as it prepares for its next stage of growth. Founder and Managing Director Nitish Mittersain will transition to the role of founder and non-executive director, while non-executive director Mithun Padam Sacheti has been elevated to executive director. Whole-time director Rohit Sharma is also set to leave the company in January 2027 to pursue entrepreneurial opportunities.
Approved at the board meeting held on October 12, 2026, the decisions also include the appointment of a new chief financial officer, a preferential share allotment worth approximately ₹730.78 crore, funding of up to $77 million for its UK subsidiary to support overseas acquisitions, and the conversion of outstanding inter-corporate loans into equity at two subsidiaries.
Mittersain, who founded Nazara Technologies in 1999, will cease to serve as managing director at the close of business on October 12, subject to shareholder approval and applicable regulatory requirements. He will continue as founder and non-executive director, contributing strategic advice and institutional knowledge to the board. From October 13, he will no longer be classified as the company’s key managerial personnel.
The company said the move will allow its professional management team to lead its next phase of development while Mittersain continues to support its long-term growth and international ambitions.
With more than 27 years of experience in gaming and interactive entertainment, Mittersain has guided Nazara’s development into a diversified gaming business with a presence across multiple markets and intellectual properties. Nazara became India’s first publicly listed gaming company in 2021.
The board has approved the appointment of Mithun Padam Sacheti as whole-time director and key managerial personnel, with the designation of executive director. The appointment took effect on October 12, 2026, subject to shareholder approval and other applicable clearances, and is for a five-year term.
Sacheti, the founder of CaratLane, brings experience in entrepreneurship, consumer businesses, brand development and digital consumer ecosystems. CaratLane has grown into one of India’s major omnichannel jewellery businesses.
He holds a bachelor’s degree in commerce from Sydenham College of Commerce and Economics and is a certified gemologist from the Gemological Institute of America in California.
At Nazara, Sacheti will oversee strategic initiatives and operational responsibilities assigned by the board. The company has not announced a specific business division for him to lead.
Rohit Sharma has tendered his resignation as whole-time director and key managerial personnel, with his departure scheduled for the close of business on January 11, 2027, following a three-month notice period.
In his resignation letter dated October 12, Sharma said he intends to pursue entrepreneurial opportunities and would therefore be unable to commit the time required for his current role. He thanked the board, management and employees for their support, adding that there were no material reasons for his resignation beyond those stated in the letter.
Nazara has acknowledged his contribution and wished him well in his future endeavours.
Nazara is also changing its finance leadership. Rakesh Shah will step down as chief financial officer and key managerial personnel at the close of business on October 15, 2026, to pursue an opportunity outside the company. He will remain available to assist with the transition for 90 days from the effective date.
Arun Agrawal will assume the role of CFO and key managerial personnel from October 16, 2026. The board approved the appointment following a recommendation from the Nomination, Remuneration and Compensation Committee.
A chartered accountant with more than two decades of experience in finance and business strategy, Agrawal previously served as global CFO at Ness Digital Engineering and Mastek. His experience includes financial transactions, profitability improvement, operational efficiency and business expansion.
Earlier in his career, he held leadership roles at Firstsource Solutions, General Electric, Wipro and Tata Motors. His areas of expertise include corporate planning, business analytics, treasury, international taxation, mergers and acquisitions, and investor relations.
The appointment comes as Nazara plans overseas acquisition funding and capital restructuring at its subsidiaries.
The board has approved the preferential allotment of 2.388 crore fully paid-up equity shares at ₹306 per share, including a premium of ₹304. The issue is expected to raise approximately ₹730.78 crore from five investors.
The allotment details are as follows:
The newly issued shares will rank equally with existing equity shares, including rights to dividends and other corporate benefits, subject to applicable lock-in conditions.
Nazara received in-principle approvals for the issue from the BSE and the National Stock Exchange on September 29 and will seek the necessary listing and trading approvals.
Following the allotment, the company’s paid-up equity share capital has increased from approximately ₹76.94 crore, comprising 38.47 crore shares of ₹2 each, to approximately ₹81.72 crore, comprising 40.86 crore shares.
The disclosure does not specify how the proceeds from the preferential issue will be allocated across individual businesses.
The board has approved an investment of up to $77 million, equivalent to approximately ₹742.72 crore, in wholly owned subsidiary Nazara Technologies UK Ltd. The funds will be provided through subscriptions to equity shares in one or more tranches, subject to applicable laws and regulatory requirements.
The investment is intended to finance the second tranche of consideration payable to the sellers of Bluetile Games SL and Bestplay Systems SL under the relevant share purchase agreements and related transaction documents.
Under the proposal, Nazara will subscribe to up to 148.08 crore equity shares in the UK subsidiary at $0.052 per share. The company expects the investment to be completed within 30 days of the board’s approval, or within another mutually agreed period permitted by law.
Incorporated on July 31, 2024, Nazara Technologies UK Ltd remains wholly owned by the Indian parent. The company stated that the proposed investment does not require a specific government or regulatory approval, while remaining subject to applicable foreign exchange and overseas investment regulations.
The funding is intended to support the acquisition transactions and expand Nazara’s international gaming portfolio.
The board has also approved the conversion of outstanding inter-corporate loans into equity at two wholly owned subsidiaries: Smaaash Entertainment Pvt Ltd and Nazara Technologies UK Ltd.
Smaaash Entertainment
Nazara plans to convert an outstanding loan of up to approximately ₹129.35 crore into equity at Smaaash. The financial assistance was provided under the resolution plan approved during Smaaash’s corporate insolvency resolution process and an inter-corporate loan agreement dated June 6, 2025.
The proposed conversion is expected to strengthen Smaaash’s capital base and net worth, improve its debt-equity profile and support future business requirements. It will involve the subscription to up to 12.93 crore equity shares of ₹10 each, with the issue price to be determined through an independent valuation.
Smaaash operates 10 entertainment centres in India under its brand, offering activities that include bowling, go-karting, gaming, food and beverages, events and sponsorships.
The subsidiary reported turnover of ₹95.80 crore for the financial year ended March 31, 2026, compared with ₹104.89 crore in FY25 and ₹109.20 crore in FY24.
Nazara Technologies UK Ltd
The board has separately approved converting an outstanding loan of up to £23 million, equivalent to approximately ₹294.40 crore, into equity in Nazara’s UK subsidiary.
The transaction is intended to strengthen the subsidiary’s capital base, improve its financial position and support its longer-term growth. It will involve the subscription to up to 57.5 crore equity shares of £0.04 each, with pricing based on an independent valuation.
Both loan-to-equity conversions are expected to be completed within 60 days of the board approval, or within another mutually agreed period permitted by law. Nazara said both subsidiaries will remain wholly owned, with no change in ownership or control.
The board’s decisions combine changes to senior management with equity fundraising, overseas acquisition financing and balance-sheet restructuring at subsidiaries.
The proposed investment of up to ₹742.72 crore in Nazara UK is specifically linked to the second tranche of consideration for Bluetile Games and Bestplay Systems. Meanwhile, converting loans into equity at Smaaash and Nazara UK is intended to strengthen their capital structures.
The preferential allotment will expand Nazara’s equity base, while Mittersain’s transition to a non-executive position will allow the professional management team to take greater responsibility for the company’s next phase of development.
The changes remain subject to shareholder approvals, independent valuations, listing permissions and other applicable requirements wherever relevant. Together, they reflect Nazara’s efforts to reorganise its leadership and subsidiary financing while pursuing international growth in the gaming sector.
Read more: Raj Nayak Steps down as Chairman and Managing Director of YAAP Digital
