Meet man, used father's gift to start business at 15, built Rs 114000000000 company, his business is…, he is…
Nitish Mittersain's father gifted his personal computer when he was just 7 years old. He started coding games at a very early age. By the age of 15, he started the business of creating websites under the banner of 'Internet 3000 Technologies (3K).' In 1998, at just 19 years old, he founded Nazara Technologies, a company which designs and develops video games. Now Nazara's valuation is of Rs 11,400 crore and is listed on the stock exchange.
He was born in Mumbai and always liked gaming and technology. His family had a background in the textile business. Nitish also decided to start a business but in game development. He continued his study and took a degree in commerce from Mumbai University.
Earlier he created websites for agencies, but the dot-com crash of 2000 brought major challenges for his business. Facing debts of Rs 3-4 crore and no other income sources he went through a bad phase of life. This period also gave him lessons like value of cash flow and good business practices. Entering Gaming Industry
In 2004, Nitish entered the gaming business. A year later, WestBridge Capital invested Rs 6 crore in the company, acquiring a 40% stake. By 2014, Nazara partnered with telecom companies across 50 countries and started a subscription-based gaming channel like Netflix's model. The company recorded a profit of Rs 250 crore in 2014.
Nitish business grew more when India experienced a surge in mobile usage , data availability, and digital payments. During this period, he introduced the 'Friends of Nazara' strategy and collaborated with individuals in the gaming sector. Nazara also invested in their ventures, providing them guidance and funding.
In 2021, Nitish launched Nazara's IPO, which was oversubscribed by 175 times. Nazara Technologies has a market capitalization of Rs 11,400 crore.
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