Nitish Mittersain is an entrepreneur who made a big name in the world of gaming with his hard work and dedication at a young age. His company, Nazara Technologies , is today one of the largest gaming companies in India, with a market valuation of over Rs 11,400 crore. This is the story of a seven-year-old child, whose computer gift from his father showed the way to bring a revolution in the world of gaming. Let’s know this inspirational journey of Nitish.
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Passion for gaming since childhood
Born in Mumbai, Nitish Mittersain was gifted a personal computer by his father Vikas Mittal at the age of seven. This computer became the turning point of his life. At a very young age, Nitish showed interest in coding and game development. His grandfather had a textile business, which inspired him to do business. Some people thought that his studies would be affected due to gaming, but Nitish proved it wrong. He completed his graduation in commerce from Sydenham College of Commerce and Economics, Mumbai University from 1994-1999.
Started business at the age of 15
Nitish entered the business world at the age of just 15. He started a venture named ‘Internet 3000 Technologies (3K)’ and started designing websites. At the age of 19, in 1998, he laid the foundation of Nazara Technologies. This company specializes in designing and developing mobile games. Initially he used to create websites for an agency, but the dot-com crash in the year 2000 posed a big challenge to him. During this time his company got a debt of Rs 3-4 crore. This time was very tough for him, but Nitish did not give up. This crisis taught him the importance of cash flow, profits and sustainable business model.
New turn in the gaming industry
In 2004, Nitish entered the gaming industry completely. In 2005, Westbridge Capital invested Rs 6 crore in his company, in return for which he had to give 40% stake. Nitish started subscription-based gaming channels in collaboration with telecom companies, which were based on a Netflix-like model. By 2014, Nazara had reached more than 50 countries and earned a profit of Rs 250 crore. During this time, mobile internet and digital payments were expanding in India, which gave Nitish an opportunity to expand his dreams.
Friends of Nazara’ strategy and success of IPO
Nitish adopted a unique strategy for expansion in the gaming industry, which was called ‘Friends of Nazara’. Under this, he used to invest in talented people and startups of the gaming industry, but gave them complete freedom to run their company. Nazara used to provide them funding and guidance. Due to this strategy, Nazara partnered with many successful gaming companies and grew rapidly.
In the year 2021, Nitish decided to list Nazara Technologies in the stock market. The company’s IPO was subscribed more than 175 times, which was a major achievement in the history of the Indian stock market. Today, the market capitalization of Nazara Technologies is more than Rs 11,400 crore. The company’s portfolio includes many popular games like World Cricket Championship (WCC) and Chahapaha.
Today’s situation
Today Nazara Technologies is India’s leading gaming company, which works in mobile gaming, e-sports, and interactive entertainment. Nitish Mittal’s hard work and vision not only made him a successful entrepreneur but also took the Indian gaming industry to new heights. His story is an inspiration for every youth who wants to make their dreams come true.
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Frequently Asked Questions (FAQs)
- When did Nitish Mittal start Nazara Technologies?
- Nitish founded Nazara Technologies in 1998 at the age of 19.
- What is the market capitalization of Nazara Technologies?
- Today, the market capitalization of Nazara Technologies is more than Rs 11,400 crore.
- When did Nitish show interest in gaming?
- Nitish started coding and gaming on a computer gifted by his father at the age of seven.
- What is the ‘Friends of Nazara’ strategy?
- This strategy is to invest in gaming startups and guide them, while also giving them independence.
- How successful was Nazara’s IPO?
- Nazara’s IPO was subscribed more than 175 times in 2021, which was a huge success.
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