Nazara Technologies COO Sudhir Kamath to Step Down Amid Strategic Shifts

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After two and a half years at Nazara Technologies, Chief Operating Officer (COO) Sudhir Kamath is stepping down from his role on April 1. He is making this move to relocate to his hometown, Delhi, and spend more time with his family.

Nazara Technologies confirmed his departure on March 12, as reported by Money Control, acknowledging his contributions to the company’s growth. In a letter to Nazara’s founder, Nitish Mittersain, Kamath reflected on his time at the company. “The last two and a half years have been a great experience for me, with a chance to learn from you, our directors, and other colleagues at the group level as well as our subsidiaries. I hope I have also been able to help the company towards its ambitious growth targets.”

Kamath’s resignation comes at a time when Nazara Technologies is restructuring its business. The company recently consolidated its real-money gaming (RMG) division under Moonshine Technology, the parent firm of online poker platform PokerBaazi. As part of this shift, Nazara announced on March 7 that it would sell its 94.85 percent stake in OpenPlay Technologies—operator of Classic Rummy—to Moonshine in a share swap deal worth ₹104.33 crore. Once the deal is finalized, OpenPlay will become a subsidiary of Moonshine. Currently, Nazara holds a 46.07 percent stake in Moonshine, which plans to integrate OpenPlay’s platform with its existing rummy offerings to strengthen its presence in the gaming market.

Beyond RMG, Nazara has been expanding its reach across other segments. The company recently took full ownership of Paper Boat Apps, the creator of the gamified learning platform Kiddopia, and Nextwave Multimedia, a mobile gaming studio. These acquisitions are part of Nazara’s long-term strategy to streamline operations and drive revenue growth at the parent-company level.

Kamath joined Nazara during a leadership transition in October 2022, as Mittersain returned as CEO after the departure of Manish Agarwal, who had led the company for over seven years. Before his tenure at Nazara, Kamath co-founded Sparskills Technologies, the company behind the online poker platform 9stacks. He also held leadership roles at McKinsey, Sun Group Private Equity, and Suntera Energy, gaining experience in strategy consulting, private equity, and regulatory affairs.

Nazara has also been actively raising funds to support its expansion. In January, the company announced plans to raise ₹495 crore through a preferential equity issue to Axana Estates LLP, led by Plutus Wealth Management founder Arpit Khandelwal and CaratLane co-founder Mithun Sacheti. This followed an ₹855-crore funding round in November 2024, which included investments from SBI Mutual Fund and other key stakeholders.

As part of these transactions, Axana Estates, Plutus Wealth Management, and Junomoneta Finsol are set to acquire an additional 26 percent stake in Nazara through an open offer, valued at ₹2,382.35 crore. This will bring them in as co-promoters alongside existing stakeholders.

Despite these changes, Nazara Technologies has assured investors that it will continue to operate independently. Mittersain will remain joint managing director and CEO, while Vikash Mittersain will continue as chairman and managing director.

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