Life-changing wisdom: Nazara Technologies CEO Nitish Mittersain reveals the best professional advice he ever received

What was the problem you were grappling with?       

Nazara Technologies embarked on a pioneering quest to enter the public markets in India in 2018. However, as a young and lesser-known sector at that time, this quest presented significant challenges. There was a lack of investor familiarity and limited public awareness of the sector’s potential, and attracting sufficient funds for a nascent industry necessitated educating potential shareholders, the media, and investors.

Whom did you approach for advice and why?  

Overcoming the limitations of a nascent sector, we started actively participating in the mergers and acquisitions in the Indian gaming industry to showcase our faith in the sector. This strategy aimed to showcase the industry’s potential to a wider audience. With the intent to file for an IPO, we secured investments from IIFL and the late Rakesh Jhunjhunwala, an ace investor.

Nazara’s planned IPO in 2018 unfortunately fell through. I sought advice from Jhunjhunwala, which proved invaluable. His experience proved crucial as we navigated the complexities of an IPO. 
   
What was the advice you received?      

Jhunjhunwala’s core message resonated deeply: ‘try and try again till you succeed.’ He instilled confidence by reminding me that dedicated efforts, with a positive focus, will lead to success.  

How effective was it in resolving the problem?  

As a new industry for investors, we had to build faith in the gaming sector’s future potential. Also, we realised the first Indian gaming IPO would leave a mark globally. I meticulously reviewed its strategy, focussing on strengthening the fundamentals and performance. This groundwork paid off in 2021. With strong support, we delivered a successful launch, with the IPO being  oversubscribed 170 times. Today, Nazara is recognised as the country’s leading gaming company.