Nitish Mittersain's Inspiring Journey: From Gaming Dreams To IPO Gleam
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Most parents will rebuke their children for spending too much time on their computers, but what if they had the chance of owning the listed gaming company in India? That’s what Nitish Mittersain accomplished as a 17-year-old gamer. Nitish’s early years were nothing like other Indian families because for him a personal computer was not a toy, but a canvas for his creativity.
A son of a textile business owner, Nitish’s life has been a total rollercoaster even before he was the legal age to drink. Due to his father’s business, he was forced to deal with the underworld, and with the addition of the dot-com burst, he was left with a crippling debt of INR 3 crores.
Starting his business early and loving all things computer-based he did not pay much attention to his health. But when his wife was expecting their first child, he realized that he had become overweight and might be prone to diabetes and heart disease. When his son was born it became clear that he needed to prioritize his health by changing his diet and adding an exercise routine.
Nitish Mittersain - Biography
| Name | Nitish Mittersain |
|---|---|
| Born | Mumbai |
| Nationality | Indian |
| Profession | Founder & MD of Nazara Technologies Angel and Investment Partner |
| Education | Sydenham College |
| Spouse | Shivani Chiripal |
| Parents | Father - Vikash Mittersain Mother - Unknown |
| Net Worth | INR 186 Crore |
Nitish Mittersain - Background
Nitish Mittersain - A Teen Entrepreneur
Nitish Mittersain - Mentors and Milestones
Nitish Mittersain - Nazara’s Telco Success Model
Nitish Mittersain - The Actual Dream
Nitish Mittersain - Achievement with the first IPO
Nitish Mittersain - Angel Investor
Nitish Mittersain - Famous Quotes!
Nitish Mittersain - Background
Nitish started his coding and gaming curiosity at the young age of just 14 years. This was mainly due to his rich entrepreneurial background and the profound influence his grandfather had on him. Their dedication and passion for the textile business is what fueled his passion for gaming. But non-believers often told his parents that Nitish might not even go to college due to his gaming habits. But Nitish’s passion peaked when his father bought him his very own personal computer, which changed everything.
Nitish’s strong entrepreneurship value comes from his family’s understanding of value for money and he started earning his own money by polishing shoes for INR 2 a pair. They helped instill a sense of passion and the value for money that most people of his generation often overlook.
Nitin Konde
Nitish Mittersain - A Teen Entrepreneur
Just from 15 years of age, Nitish started his journey in the world of business. He started creating websites under Internet 3000 Technologies (3K), and at just 19 years old, he founded the company Nazrana in 1998. He recalls that even before starting his own company he worked for an agency where he created websites on a daily basis.
Two years later the dot-com crash happened and that was the toughest period for both the company and him. But it taught him the importance of cash flows, long-term sustainable business practices, and profitability. As per his statement, the dot-com crash was definitely a tough period but he gained tremendous insights from it. Only 21 when the crash happened in 2000, he found himself in debt for INR 3-4 crores with no other source of income. The years 2000-2002 were tough on him but helped shape his entire company’s philosophy. Rather than looking at vanity metrics, their focus shifted mainly toward profitability and cash flow.
Nitish Mittersain - Mentors and Milestones
Fascinated by technology, Nitish was mentored by actor Shammi Kapoor who provided him with a space for learning. Nitish admits that the actor mentored him and played a very important role in his thought process throughout his formative years. Being passionate about computers and technology, Mr. Kapoor would let Nitish use his three-four Macintosh computers to not only code but also build his business ideas.
Another turning point in his life was when Sachin Tendulkar endorsed his company for a cricket game. In 2004, after the dot-com crash when Nitish entered the gaming industry, he struck a pivotal deal with Sachin Tendulkar. Securing this deal meant that he now had a breakthrough with a major player like Airtel, who rushed to sign him on before he took his game (and Sachin Tendulkar) to another operator.
Thanks to this partnership, CNBC’s Young Turks invited Nitish which in turn caught the attention of investor Sandeep Singhal from Westbridge Captial. By 2005 the funding came through at Rs. 6 Crore for 40%.
Nitish Mittersain - Nazara’s Telco Success Model
By 2014, Nazara had mastered the telco monetization model and achieved a profit by expanding into 50 countries. The business model was based on a subscription-based gaming channel for telcos, much like Netflix. In 2014, the company made a profit of INR 250 crore.
Over the next couple of years, Nitish and Nazara found their footing and realized that telco monetization was very efficient. They established a successful model in India between 2007-2009 and then replicated it to over 50 countries (Sri Lanka, Middle East, Africa) from 2009-2014.
But Nitish continued to run his business on the lean and mean philosophy he had put into place after the dot-com crash. This meant that they not only remained profitable but were more focused on cash flow. With this ideology, his profits increased to INR 250 crores after tax, with an initial funding of only INR 12 crores.
Sarika Anand
Nitish Mittersain - The Actual Dream
In 2014-2015, Nitish thought about returning to his real dream of expanding into multiple genres of gaming. At that point, the Indian market has evolved thanks to mobile usage, better data access, and a jump in digital payment plans. During this time the market boom reminded him of his actual dream and presented him with the chance to expand his gaming dream.
Nitish realized that telco-based gaming was profitable but the potential for gaming was seeing a boom with the present generation. It was during this time that he built the “Friends of Nazara” strategy where they would partner with talented individuals from the gaming industry and create a synergy. This strategy meant that he would invest in their companies (with a major stake) but let the founders run their ventures with the support of Nazara.
By using this approach not only would Nitish leverage the expertise and passion for new founders but in return he would offer them strategic guidance and funding. This “House of Brands” model helped Nitish and his team stay involved in multiple ventures while the founders retained their passion and workflow independence. This pivotal shift in strategy in 2015-2016 laid the very foundation that helped him succeed.
Nitish Mittersain - Achievement with the first IPO
With the backing of the late Rakesh Jhunjhunwala (INR 200 crores), Nitish decided to go public in 2021 with Nazara. Jhunjhunwala was impressed with how he had built the company on a sustainable business model and had focused more on profitability and cash flow. Rakesh would not only invest in Nazara but also take a personal interest in it.
Nazara’s IPO is one of the most subscribed options, that achieved over 175 times oversubscription. But, in spite of such a euphoric experience, the fame and glory of the IPO’s success only lasted for a brief moment. For Nitish, the main question plaguing his mind was - what comes next? So, from the IPO the focus of the entrepreneur shifted from the company to the shareholders and meeting quarterly targets.
Post IPO Nazara still saw a boom. Revenues increased from INR 450 crores in 2021 to INR 1100 crores by 2024, with an EBITDA of INR 128 crores. Recently, Nazara raised nearly INR 950 crores with a substantial investment from SBI.
Nitin Konde
Nitish Mittersain - Angel Investor
Just as other investors helped Nazara rise to its glory, Nitish has also invested in close to 90 companies as an angel investor. Talking about his investment ideas, he added that the market is changing so fast. So interacting with new founders means that not only will they learn from you, but you from them. As per his analysis, Indian startup investments will be one of the highest-returning asset classes in the world in the upcoming 10 years.
In the upcoming years, Nitish is looking forward to making more acquisitions.
Nitish Mittersain - Famous Quotes!
“(India) is a great place to be, to create wealth for themselves and for everybody here in the country. I've been telling a lot of startup founders that in five years, we should convert NSE into India's Nasdaq”
“I believe that Indian startup investments will be the highest returning asset class in the world for the next 10 years.”
FAQ
Who is the owner of Nazara Technologies?
The owner of Nazara Technologies is Nitish Mittersain, the founder and managing director.
Is Nazara debt-free?
Nazara Technologies is not fully debt-free. It has raised funds through preferential share issues to support its growth plans and financial stability, reflecting some external funding reliance.
Is Nazara Technologies profitable?
Yes, Nazara Technologies is profitable. In FY24, its profit rose by 21.8%, driven by growth in e-sports and gaming segments.
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