Nazara founder Nitish Mittersain steps down as MD after 27 years; Sacheti joins
Representative image: MagicDesk / Pixabay
Nitish Mittersain stepped down as Nazara Technologies' MD on October 12, 2026, becoming non-executive founder director; CaratLane's Mithun Sacheti joins as executive director.
What Happened
Nitish Mittersain, who founded Nazara Technologies and has led it for nearly 27 years, has stepped down as managing director of the listed gaming company. Nazara said he has been redesignated as Founder and Non-Executive Director, with effect from October 12, 2026, and will continue to give strategic guidance to the board. In the same reshuffle, CaratLane co-founder Mithun Sacheti was appointed an executive director from October 12, and the company named Arun Agrawal as chief financial officer in place of Rakesh Shah. The changes follow the appointment of Bluetile Games founder Raymond A. Stauffer as chief executive from September 1, 2026, after Mittersain gave up the CEO role in August.
Key Facts
- Nitish Mittersain has stepped down as managing director of Nazara Technologies after nearly 27 years and is now Founder and Non-Executive Director.
- The change took effect on October 12, 2026; he will continue to advise the board on strategy.
- Mithun Sacheti, co-founder of jewellery brand CaratLane, has been appointed an executive director from October 12.
- Arun Agrawal replaces Rakesh Shah as chief financial officer.
- Raymond A. Stauffer, founder of Bluetile Games, became chief executive on September 1, 2026, after Mittersain stepped down as CEO in August.
Why It Matters
Nazara is one of the best-known names in India's gaming industry. Founder-led companies often struggle with the step from a single, all-powerful founder to a professional management team, and Nazara has now taken that step in two moves within three months: first a new chief executive, now the founder giving up his executive role entirely. A new finance chief completes the change at the top.
The choice of people says something about the company's direction. Stauffer, who built a games studio, brings game-making experience to the CEO's chair. Sacheti is a consumer-brand builder, as co-founder of jewellery brand CaratLane. His arrival as an executive director suggests Nazara wants more consumer and brand expertise on its board as it competes for players' time and money.
For investors and the wider start-up world, the move is a test case. Many Indian technology firms founded in the 2000s are reaching the point where founders must decide whether to stay in charge or hand over. A smooth handover at Nazara, with the founder staying on as a non-executive director, could become a model; a rocky one would be closely watched by other founder-led listed companies.
| Role | Before | Now |
|---|---|---|
| Managing director | Nitish Mittersain | Mittersain becomes non-executive founder director |
| Chief executive | Nitish Mittersain (until August) | Raymond A. Stauffer (from September 1) |
| Chief financial officer | Rakesh Shah | Arun Agrawal |
| Executive director | - | Mithun Sacheti (from October 12) |
Impact
Short-term: Nazara's new leadership team, led by Stauffer and with Sacheti and Agrawal in key roles, takes over day-to-day running of the company, while shareholders watch for any change in strategy.
Long-term: The handover will show whether India's gaming companies can move from founder-run businesses to professionally managed ones without losing direction.
Who is affected: Nazara's employees and shareholders, its businesses, and investors who track founder-led technology companies in India.
Key Takeaway
Nazara's founder Nitish Mittersain has handed over executive control after nearly 27 years, completing a leadership change that brings in a new CEO, CFO and executive director.
Questions and Answers
Has Nitish Mittersain left Nazara Technologies?
No. He stepped down as managing director but remains on the board as Founder and Non-Executive Director and will continue to give strategic guidance.
Who runs Nazara now?
Raymond A. Stauffer, founder of Bluetile Games, has been chief executive since September 1, 2026. Mithun Sacheti joined as executive director and Arun Agrawal as chief financial officer.
When did the changes take effect?
Mittersain's redesignation and Sacheti's appointment took effect on October 12, 2026.
Who is Mithun Sacheti?
He is a co-founder of CaratLane, the jewellery brand, and has now been appointed an executive director of Nazara.
Disclaimer: Prepared by the Peepals newsroom from publicly available sources with AI assistance. Information is accurate to the best of our knowledge at the time of publication and may change. Images may be representative. Not professional advice. Report an error via our contact page.
Sourced and fact-checked by the Peepals Global Editorial Team
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