Nazara Applied sciences founder Nitish Mittersain has stepped down as managing director and can transition to the function of founder and non-executive director, because the Indian gaming firm declares a sequence of leadership modifications alongside new funding and monetary restructuring selections.

The corporate’s board accredited the modifications at a gathering held on October 12, 2026, in accordance with a inventory change disclosure. Mittersain’s redesignation takes impact from the shut of enterprise on October 12, topic to shareholder approval.

Mittersain, who based Nazara in 1999, will transfer away from govt obligations however proceed to supply strategic steering. The corporate mentioned it should draw on his business expertise, relationships and institutional information to assist its long-term development and worldwide growth plans.

In the meantime, CaratLane co-founder Mithun Padam Sacheti, who turned a co-promoter of Nazara in 2025, has been redesignated from non-executive director to whole-time director and key managerial personnel, topic to shareholder approval.

Sacheti will function an govt director, overseeing strategic initiatives and operational obligations assigned by the corporate’s board.

Management modifications observe CEO transition

The newest restructuring comes weeks after Mittersain stepped down as CEO, following an announcement in August 2026.

He formally relinquished the CEO place on the shut of enterprise on September 15, with Raymond Albaladejo Stauffer, founding father of Spain-based Bluetile Video games, taking up on September 16.

Mittersain beforehand served as Nazara’s CEO till 2015, earlier than transferring to the place of joint managing director when Manish Agarwal took over the function. He returned as CEO on December 1, 2022, following Agarwal’s departure.

In one other administration change, Nazara has appointed Arun Agrawal as its new chief monetary officer (CFO), efficient October 16, changing Rakesh Shah, who will step down on October 15 to pursue one other skilled alternative.

Earlier than becoming a member of Nazara, Agrawal served as world CFO at Ness Digital Engineering and beforehand held a senior finance place at Mastek.

The corporate additionally introduced that whole-time director Rohit Sharma will depart his place with impact from January 11, 2027, to pursue entrepreneurial alternatives.

Nazara approves $77 million funding in UK subsidiary

Alongside the management modifications, Nazara’s board accredited an funding of as much as $77 million, roughly Rs 742.72 crore, in its wholly-owned subsidiary, Nazara Technologies UK Restricted.

The funds will probably be used to finance the second tranche of acquisition consideration for Spain-based Bluetile Video games and Bestplay Methods.

Nazara initially introduced plans in March 2026 to amass a 50% controlling stake in every firm for a mixed $100.3 million, roughly Rs 918 crore on the change price used within the authentic announcement.

Nonetheless, in August, it revised the transaction to amass 100% possession of each companies for about $303.02 million, making it the corporate’s largest acquisition.

Each companies turned wholly-owned subsidiaries of Nazara UK with impact from August 3, 2026. Nazara subsequently disclosed that an preliminary money fee of $89.45 million had been made in the direction of the acquisition consideration.

As a part of its newest monetary selections, the corporate additionally allotted 2,38,81,711 fairness shares at Rs 306 every on a preferential foundation to 5 buyers, for a complete consideration of roughly Rs 730.78 crore.

The board additional accredited the conversion into fairness of excellent loans of as much as Rs 129.35 crore prolonged to Smaaash Leisure.

Individually, it accredited the conversion of a £23 million mortgage, roughly Rs 294.4 crore, prolonged to Nazara UK into fairness.

Deal with world gaming growth

The management and monetary selections come as Nazara continues to develop its gaming portfolio and strengthen its presence in worldwide markets.

The corporate is specializing in higher-margin gaming companies because it seeks to construct a world gaming platform spanning cellular, PC, console and offline gaming.

Its acquisitions of Bluetile Video games and Bestplay Methods type a part of that technique, including cellular gaming, sport growth, distribution and participant engagement capabilities to its present portfolio.