Nazara slips into loss as Nitish Mittersain exits CEO role
What's the story
Nazara Technologies, a leading online gaming company, has reported a 14% year-on-year decline in its revenue from operations for the quarter ending June 30. The company's revenue stood at ₹429 crore, down from ₹499 crore in the same period last year. The drop is largely attributed to Nazara's decision to exclude Nodwin Gaming's revenue from its financial results after reducing its stake in the esports company in August 2025.
Financial performance
Nazara Technologies posts net loss of ₹82 crore
Nazara Technologies has reported a consolidated net loss of ₹82 crore for the June quarter, compared to a profit of ₹36 crore in the same quarter last year.
The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹46 crore, nearly unchanged from ₹47 crore a year ago.
The firm also recorded an impairment loss of ₹22 crore during this period.
Revenue growth
Gaming and adtech revenue grow for Nazara Technologies
Despite the overall decline, Nazara Technologies saw a 14% year-on-year increase in its gaming business revenue to ₹275 crore.
The company's adtech revenue also grew by 19% to ₹126 crore. The growth was mainly driven by Kiddoopia, a children's learning app, and Fusebox, an in-game advertising platform.
However, esports revenue fell sharply from ₹154 crore last year to just ₹28 crore this time around due to Nodwin Gaming's deconsolidation.
Leadership transition
Founder Nitish Mittersain to step down as CEO
Along with the financial results, Nazara Technologies also announced a major leadership change.
Founder Nitish Mittersain will step down as CEO on September 1 but continue as managing director.
The board has appointed Raymond A Stauffer, founder and former CEO of Bluetile and BestPlay, as the new CEO.
Mittersain will continue to focus on long-term strategy, portfolio direction, and key stakeholder relationships after stepping down from his role as chief executive officer.
Future plans
New Nazara CEO outlines focus areas for company
As the new CEO of Nazara Technologies, Stauffer said he would focus on strengthening execution across product development, artificial intelligence (AI), user acquisition, and monetization.
He also promised to preserve the entrepreneurial ownership culture across all portfolio companies under Nazara.
This transition marks a significant shift in the company's leadership structure as it continues its journey toward becoming a global gaming platform.
Acquisition strategy
Nazara board approves revised terms for Bluetile, BestPlay acquisition
Nazara Technologies' board has also approved revised commercial terms for its acquisition of Spain-based gaming studio Bluetile Games and player engagement platform BestPlay Systems.
The nearly ₹2,900-crore deal will now be completed as a 100% all-cash transaction, avoiding immediate dilution for existing shareholders.
Earlier this year, Nazara raised ₹500 crore through a preferential issue of warrants to fund its acquisition strategy with participation from Riambel Capital, S Gupta Family Investments, Plutus Investment and Holding, Classic Enterprises and Founders Collective.