Nazara Technologies CEO Manish Agarwal to step down on December 1, 2022

Nazara Technologies CEO Manish Agarwal will be stepping down on December 1, 2022, the company said on Thursday. Agarwal resigned as CEO effective December 1, 2022 to pursue an entrepreneurial journey, the company said. He will continue to be associated with the firm as a Nazara nominee on the boards of material subsidiaries of Nazara.

Commenting on the development, founder and joint MD Nitish Mittersain said Manish and he worked closely together over the last 7 years to build a strong foundation on which Nazara will continue to grow rapidly in the years to come. "I wish him all the best in his future endeavors," he said.  

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Today, Nazara announced the appointment of Sudhir Kamath as its new Chief Operating Officer (COO) effective October 20th, 2022. An alumnus of Delhi University and IIM Ahmedabad, Kamath has 20-plus years of experience in strategy consulting, private equity investing, operations and entrepreneurship.

Throughout his career, Kamath has handled strategy, asset acquisitions, exits, regulatory matters, fund-raising, and operations, including as a CEO and entrepreneur, the company said. Most recently, as the CEO and founder of Sparskills Technologies, Kamath developed and scaled the 9stacks gaming brand. He started his corporate career at strategy consulting firm McKinsey & Co, where he worked in their India, Dubai, and London offices.

Nazara also reported its second quarter results in which its revenue increased by 104 per cent to Rs 263.8 crore as against Rs 129.6 crore in Q2FY22. The company's EBITDA stood at Rs 21.3 crore as against Rs 19.5 crore in Q2FY22. Nazara delivered a profit after tax of Rs 16.9 crore as against Rs 15.3 crore in Q2 FY22.

Nitish Mittersain said that Nazara was happy to report an accelerated growth of 104 per cent YoY growth for the September quarter and 87 per cent YoY in revenues for the first half of FY23. "Our approach to capture opportunities across business segments has continued to deliver high revenue growth in successive quarters. We have many growth opportunities ahead of us and will continue to make investments to accelerate revenues and achieve market leadership in each segment we operate in," he said.