Moreover, the Board approved the conversion of the outstanding inter-corporate loan aggregating upto around ₹129.35 crore into equity share capital of Smaaash Entertainment | Photo Credit: Rawpixel

Nazara Techologies on Monday announced a rejig in its Director and management mix with Founder Nitin Mittersain stepping down from his role as Managing Director.

Mittersain will act as the Non-Executive Director effective October 12. As Founder and Non-Executive Director, Mittersain will continue to provide strategic guidance and leverage his industry experience, relationships and institutional knowledge to support the Company’s long-term growth and global ambitions. However, the company has not disclosed who will be taking over as Managing Director. Earlier, Raymond Albaladejo Stauffer took over as the Chief Executive Officer of Nazara.

The Board also redesignated Mithun Sacheti as the Whole-time Director and Key Managerial Personnel and designated as Executive Director of the company. Sacheti will oversee strategic initiatives and such operational responsibilities once the current Whole-time Director Rohit Sharma steps down on January 2027 to pursue entrepreneurial opportunities. Further, Chief Financial Officer Rakesh Shah will step down on October 15, 2026. The role will be taken over by Arun Agrawal, a Chartered Accountant, who brings over two decades of rich experience in finance and business strategy across global organizations.

Beyond the managerial shuffle, the Board approved the infusion of funds aggregating up to $77 million or approximately ₹ 742.72 crore into Nazara’s UK arm to facilitate funding of the second tranche of purchase consideration to Bluetile Games and Bestplay Systems.

Moreover, the Board approved the conversion of the outstanding inter-corporate loan aggregating upto around ₹129.35 crore into equity share capital of Smaaash Entertainment.

“The proposed conversion is being undertaken with the objective of strengthening the capital base and net worth of Smaaash, improving its debt-equity profile, supporting its future growth plans and aligning its capital structure with its long-term business requirements,” said the company in an exchange filing.

Published on October 12, 2026