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Nitish Mittersain was 19 years old and still in college when he founded Nazara Technologies in 1999 — before broadband, before smartphones, before anyone in India believed a gaming company could build real value. Twenty-five years later, Nazara is India’s only listed gaming company, worth approximately Rs 9,400 Cr (~$1.1 Bn), and Mittersain is one of the country’s most respected operator-founders.
Nazara’s journey from a Rs 3 Cr debt in the dotcom crash to a 170x oversubscribed IPO is the most instructive capital-efficiency case study in Indian gaming. Built on profitability-first principles from day one — shaped by near-bankruptcy at 21 — the company never burned cash to chase vanity metrics.
| STARTUPFEED INSIGHT |
| What the numbers say: Nazara raised only Rs 12 Cr in external capital before generating Rs 250 Cr in cumulative profits by 2014 — a capital efficiency ratio that most VC-funded gaming companies globally cannot match. What this means for you:
Our prediction: Nazara will cross Rs 3,000 Cr in annual revenue by FY27 through its acquisition pipeline, and Nodwin Gaming will file for an independent IPO by Q1 FY28. |
The Nazara Journey — 25 Years, 8 Pivots
| Year / Period | Milestone | Capital / Outcome |
|---|---|---|
| 1992 | Father buys ZX Spectrum — Nitish starts coding at age 7 | First contact with technology |
| 1999 (age 19) | Founds Nazara Technologies as online gaming portal while in college | Rs 0 external capital |
| 2000 | Dotcom crash — Nazara nearly bankrupt | Rs 3-4 Cr debt; no revenue |
| 2002 | Pivots to mobile VAS (WAP, ringtones, games) for telecom operators | Survival pivot |
| 2004 | Full mobile gaming focus — WCC, Chhota Bheem, Motu Patlu | Revenue from telco billing |
| 2005 | WestBridge Capital invests Rs 6 Cr for 40% stake | First external funding ever |
| 2007-2009 | Telco subscription model achieves profitability in India | Rs 250 Cr cumulative PAT by 2014 |
| 2009-2014 | Scales to 50+ countries (Middle East, Africa, Sri Lanka) | Global telco model replicated |
| 2014-15 | Launches ‘Friends of Nazara’ acquisition strategy | Phase 2: multi-genre gaming platform |
| 2018-2020 | Acquires Nodwin (esports), WCC, Sportskeeda, Kiddopia, OpenPlay | Platform model established |
| March 2021 | IPO on NSE/BSE — Rs 582.91 Cr raised | 170x oversubscribed; listed at Rs 1,101 |
| 2022 | Rakesh Jhunjhunwala’s family holds ~10%; Mittersain returns as CEO | Founder back in top seat |
| 2024 | Acquires PokerBaazi (Rs 832 Cr), Fusebox (UK, $27.2 Mn), Comic Con India | Rs 1,138 Cr FY24 revenue |
| FY25 | Revenue Rs 1,951 Cr, Profit Rs 30.3 Cr, Market Cap ~Rs 9,400 Cr | India’s only listed gaming company |
Each pivot was born from necessity — the 2002 mobile shift came from zero revenue, the 2014 acquisition model came from telco revenue plateauing, and the 2021 IPO came from a need to offer listed equity as acquisition currency. Nazara has never pivoted for vanity.
What Nitish Says
“I was 21 when the crash happened in 2000, and we burned our fingers badly. Those years, from 2000 to 2002, were incredibly tough, but they shaped the company’s philosophy. We became conservative, focused on real business, profitability, and cash flows, avoiding vanity metrics.”
— Nitish Mittersain, Founder & CEO, Nazara Technologies
Mittersain returns to the dotcom crash in nearly every interview — not as war story but as operating manual. The Rs 3 Cr debt at 21 is the origin of every capital-discipline decision Nazara has made since: profitable before scaling, cash flow positive before hiring, real business before vanity metrics.
“From an initial fund of Rs 12 crores, we had accumulated Rs 250 crores in profits after tax. Running the business lean and mean, we remained profitable and cash flow-focused.”
— Nitish Mittersain, Nazara Technologies
Nazara by the Numbers — FY25
| Metric | FY23 | FY24 | FY25 / Current |
|---|---|---|---|
| Revenue | Rs 957 Cr | Rs 1,138 Cr | Rs 1,951 Cr |
| Net Profit | Rs 13 Cr | Rs 89 Cr | Rs 30.3 Cr |
| EBITDA | ~Rs 80 Cr | Rs 128 Cr | Growing |
| Market Cap | ~Rs 5,000 Cr | ~Rs 10,257 Cr | ~Rs 9,400 Cr |
| Subsidiaries / Investments | 10+ | 15+ | 20+ active |
| Countries of operation | 50+ | 60+ | 61 countries |
| Angel investments by Mittersain | ~70 | ~85 | ~90 companies |
The FY25 profit dip from Rs 89 Cr (FY24) to Rs 30.3 Cr reflects large acquisition costs — notably the Rs 832 Cr PokerBaazi stake and Fusebox Games — rather than operational weakness. Operating cash flow remains healthy, with Mittersain noting Rs 131 Cr generated from operations in FY24 alone, exceeding EBITDA.
The Nazara Empire — Key Subsidiaries
| Subsidiary | Sector | Acquisition | Why It Matters |
|---|---|---|---|
| Nodwin Gaming | Esports / Events | 2018 (55% stake) | India’s largest esports company; Comic Con India owner |
| Sportskeeda | Sports & Esports Media | 2019 (67% → majority) | 130 Mn+ monthly visitors; global NFL, WWE, cricket coverage |
| WCC (Nextwave Multimedia) | Mobile Cricket Games | 2018 | World Cricket Championship — top cricket game globally |
| Kiddopia (Paper Boat Apps) | Gamified Early Learning | 2019 → 100% by FY25 | North America-focused kids learning app |
| PokerBaazi (Moonshine Tech) | Real Money Gaming | 2024 (47.7% for Rs 832 Cr) | India’s largest poker platform |
| Fusebox Games | Narrative Mobile Games | Aug 2024 ($27.2 Mn) | Love Island-themed games; UK-based; global IP |
| Comic Con India | Gaming & Pop Culture Events | 2024 (via Nodwin) | India’s largest fan convention franchise |
| OpenPlay | Skill Gaming | 2021 (Rs 186 Cr) | Real-money skill gaming platform |
| WildWorks | Kids Online Gaming (US) | 2022 ($10.4 Mn) | Animal Jam franchise; US kids gaming market |
The ‘Friends of Nazara’ model — minority or majority stakes in founder-led gaming companies, using listed Nazara equity as acquisition currency — is the most capital-efficient M&A playbook in Indian gaming. Founders get liquidity and a listed exit path; Nazara gets growth without full cash outflows.
The Rakesh Jhunjhunwala Chapter
In 2021, the late Rakesh Jhunjhunwala — India’s most celebrated retail investor — chose to invest Rs 200 Cr in Nazara by purchasing WestBridge Capital’s stake. He was not attracted by a hot sector or a VC narrative. He was attracted by a company that had built Rs 250 Cr in profits from Rs 12 Cr in capital, without burning cash.
What Jhunjhunwala said: He was impressed by how Nazara had built the company with minimal capital and its focus on profitability and cash flow. He appreciated that it had a sustainable business model, unlike many new-age companies burning cash.
His family has never sold a single share since the investment. As of 2026, the Jhunjhunwala family holds approximately 10% of Nazara — a passive endorsement of Mittersain’s long-term thesis worth approximately Rs 940 Cr at current market cap.
What Is Next
Our prediction: Nazara crosses Rs 3,000 Cr in annual revenue by FY27, driven by PokerBaazi’s rapid growth in real-money gaming, Nodwin’s esports event calendar, and Fusebox’s narrative gaming IP generating international revenue. The company has a clear path to Rs 100 Cr+ sustainable net profit by FY27.
The bigger move to watch: Nodwin Gaming, now the owner of Comic Con India and India’s dominant esports platform, is the most IPO-ready subsidiary in Nazara’s portfolio. A Nodwin demerger or listing — which Mittersain has hinted at — would be the single largest value-unlocking event for Nazara shareholders.
Watch for: Nazara’s EGM on May 1, 2026 for a preferential issue — the new capital raise signals the next acquisition wave is already planned.
