Nitish Mittersain has stepped down as CEO of Nazara Technologies while continuing as the company’s Managing Director. The company has appointed Raymond A. Stauffer, Founder and CEO of Bluetile Games, as CEO of Nazara Technologies, effective September 1, 2026, subject to regulatory approvals.
In his new role, Stauffer will oversee Nazara Group’s day-to-day operations, integration, portfolio performance and shared capabilities across product, data, artificial intelligence, user acquisition and monetisation. He brings experience in AI-enabled game development, product operations, user acquisition, monetisation and capital-efficient global growth.
Mittersain, who returned as CEO in 2022 after Manish Agarwal’s tenure, will continue to serve as Founder and Managing Director. He will focus on Nazara’s long-term strategy, portfolio direction, strategic partnerships and key stakeholder relationships, while working with Stauffer and the Board.
Sharing the leadership transition on LinkedIn, Mittersain said his return as CEO in 2022 was aimed at strengthening Nazara, sharpening its identity as a gaming company, preparing it for global growth and eventually bringing in a new CEO.
He also highlighted the company’s growth during his second stint. From FY23 to FY26, Nazara’s revenue increased from Rs 1,091 crore to Rs 1,829 crore, while EBITDA grew from approximately Rs 110 crore to Rs 255 crore. During the same period, the company’s market capitalisation rose from approximately Rs 3,800 crore to over Rs 12,500 crore, while its share price appreciated by approximately 120 per cent, adjusted for corporate actions.
Mittersain also said Nazara raised over Rs 1,600 crore in growth capital during this period, bringing in investors including Nikhil and Nithin Kamath, Mithun Sacheti and SBI Mutual Fund. The company also expanded its gaming IP, capabilities and global footprint through acquisitions, culminating in the USD 303 million acquisition of Bluetile and BestPlay, its largest acquisition to date.
Reflecting on the transition, Mittersain said, “My role at Nazara is evolving, not ending. As Managing Director, I will contribute to its long-term direction, strategic partnerships, key stakeholder relationships and select initiatives where I can add the greatest value.”
Welcoming Stauffer, Mittersain added, “I am delighted to welcome Raymond A. Stauffer as CEO. Having worked closely with him over the past year, I believe his founder mindset, global operating experience and capabilities across gaming, AI, product and data make him the right leader for Nazara’s next phase.”
Stauffer said, “Nazara has built a strong portfolio of global gaming IPs and entrepreneurial businesses. My focus will be to strengthen execution across product, AI, user acquisition and monetisation, while preserving entrepreneurial ownership within each business.”
Mittersain also noted that Nazara is now more global and gaming-focused, with its presence spanning mobile, PC and console gaming, alongside capabilities across publishing, AI, data, product and user acquisition. He said the company had also navigated industry turbulence and challenges around some investments and integrations during the period.
Mittersain began his association with gaming at the age of seven, when he wrote his first game, and has spent 27 years with Nazara. He remains confident about the compan’s future, saying, “I remain deeply proud of what we have built together and convinced that Nazara’s best chapters are still ahead.”
