'This too shall pass': Nazara CEO stays bullish on gaming future despite RMG ban

Nazara Technologies' CEO Nitish Mittersain said the company’s confidence in India’s gaming future remains unshaken despite the government banning real money games in the country last week.

Nazara Technologies, which has a 47% exposure to real money gaming company Moonshine Technologies Private Limited—the parent of PokerBaazi—has seen its shares slide 28% in the past four days. However, on Tuesday, the stock gained 0.56% to Rs 1,122.50 at 1:30 pm.

Mittersain said, “We’ve always used disruption as a chance to reinvent, realign, and come back stronger.”

Rekha Jhunjhunwala's Rs 334 crore exit from Nazara Tech ahead of Online Gaming Bill sparks insider access debate

“To every founder, creator, and team feeling the pressure right now—keep going. This too shall pass. The ecosystem will emerge leaner, wiser, and ready to build the next level. The road ahead is filled with many milestones of achievement for our sector, so let’s continue to build—with passion, with perseverance, and with positivity,” he added.

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Last week, the company clarified that it had only indirect exposure to the RMG space.

Nazara stated, “Since Nazara neither holds a majority stake nor exercises control, Moonshine’s revenue is not consolidated in our financials. Its share of profit and loss has in fact been negative for Q1 FY26.”

Nazara has invested Rs 805 crore in Moonshine via equity (cash and stock) and holds compulsory convertible shares worth Rs 255 crore.

Rekha Jhunjhunwala, wife of late billionaire investor Rakesh Jhunjhunwala, also exited her entire stake in Nazara through the family entity Estate of Late Rakesh Jhunjhunwala in June 2025.

Nazara signals hit on PokerBaazi stake after real money gaming ban

Last week, the Centre passed the Online Gaming Bill aimed at curbing addiction, financial distress, and social harm caused by predatory gaming platforms that thrive on misleading promises of quick wealth.

According to the government, “Online money gaming platforms have caused widespread harm. Families have lost their savings. Young people have fallen into addiction. In some heartbreaking cases, financial distress linked to these games has even led to suicides.” The government added that it had anticipated these dangers and responded with strong legislation.

Online gaming bill: Nazara's MD Mittersain flags potential risk to PokerBaazi-owned Moonshine investment

Nazara is only publicly listed gaming company, with businesses spanning Kiddopia, Animal Jam, World Cricket Championship, Sportskeeda, Curve Games, Fusebox Games, Funky Monkeys, Smaaash Entertainment, and its ad-tech unit Datawrkz. Nazara posted strong growth in Q1 FY26 with revenues of Rs 498.8 crore and EBITDA of Rs 47.4 crore YoY.