Nitish Mittersain remains an avid video gamer, dedicating his time to perfecting his skills.
Nitish Mittersain, the visionary behind Nazara Technologies, successfully transformed his childhood passion for video games into a thriving profession. His love for gaming began at a young age, and by the time he was just seven years old, he had already embarked on coding his own games. Today, he leads India’s sole publicly listed gaming company, which achieved a remarkable revenue milestone of over Rs 1000 crore last year. In 2021, the company’s valuation exceeded Rs 5000 crore, although the current valuation is not publicly available. Nitish’s entrepreneurial journey stands as a testament to his unwavering dedication and the immense potential of the gaming industry.
In 1999, Nitish Mittersain embarked on his entrepreneurial journey by establishing a casual games portal, which would later evolve into the renowned company, Nazara Technologies. Over time, the firm expanded its offerings to include interactive gaming, e-sports, and gamified learning platforms, catering to a diverse range of gaming enthusiasts. Prior to venturing into the gaming industry, Nitish’s family was involved in the textile business, operating a cotton mill. At a young age of six, his fascination with video games ignited when his father purchased a ZX Spectrum, sparking his lifelong passion for gaming. Nitish’s journey took a significant turn during his senior year of school when he immersed himself in the captivating world of the internet, marking a transformative phase in his life. Although he had plans to pursue an MBA abroad after completing college, fate had other plans for him when he founded Nazara, altering the course of his future.
In a significant milestone for the company, Nitish Mittersain’s Nazara Technologies successfully went public with an Initial Public Offering (IPO) in 2021. When the company was initially launched, the gaming industry was still in its early stages, characterized by its nascent nature. However, by 2004, Nazara Technologies shifted its focus towards mobile gaming, a strategic move that proved fruitful. By 2007-08, the company had achieved profitability, thanks in part to the investments made by various telecom companies in India, including the gaming sector.
Building upon its growing success, Nazara Technologies embarked on a path of expansion through acquisitions starting in 2015. The company strategically acquired several gaming applications, further solidifying its position in the industry and broadening its portfolio of offerings. This proactive approach allowed Nazara Technologies to capitalize on emerging opportunities and strengthen its presence in the dynamic gaming market.
After completing his graduation from the University of Mumbai, Nitish Mittersain embarked on his entrepreneurial journey by founding his company in 1999. As the promoter of the company, he played a pivotal role in its growth and success.
Under Nitish’s leadership, Nazara Technologies has introduced a range of exceptional offerings that have garnered significant acclaim. Some of the company’s notable products include World Cricket Championship (WCC), CarromClash, Kiddopia, Nodwin, PublishMe, and Sportskeeda. Additionally, Nazara Technologies has developed popular apps such as OpenPlay, Halaplay, and Qunami, further expanding their presence in the gaming industry.
Notably, Nitish Mittersain continues to indulge in his passion for video gaming. Alongside his professional endeavors, he dedicates time to practicing Krav Maga, enhancing his self-defense skills. Furthermore, he showcases his musical talent as a saxophone player, demonstrating his versatility and love for various forms of expression.
Nazara Technologies experienced significant financial growth in the fiscal year 2022-23, generating a remarkable revenue of Rs 1091 crore. Comparatively, the previous year saw earnings of Rs 621 crore. The company’s consolidated profit for the same period amounted to Rs 61.4 crore, underscoring its financial stability and success.
The late billionaire Rakesh Jhunjhunwala played a crucial role in supporting Nazara Technologies. Currently, his wife, Rekha Jhunjhunwala, holds equity in the company, ensuring its continued association with the Jhunjhunwala family. Rekha Jhunjhunwala’s substantial net worth exceeds Rs 46,000 crore, solidifying her position as a significant stakeholder in the company. This partnership with prominent investors reflects the confidence placed in Nazara Technologies and its promising future in the gaming industry.