There are moments in every entrepreneur’s journey that never truly disappear.
Not because they are painful, but because they become reference points. They become reminders of what it takes to keep moving when nobody else believes in the vision.
For Nitish Mittersain, one of those moments happened during the dot-com crash.
In a recent reflection, the Nazara Technologies founder recalled a meeting in 2002 when he pitched his internet startup idea to an investor. The response was blunt.
“I’m not going to put good money behind bad money.”
The investor then showed him the way out of the office.
More than two decades later, that rejected idea has evolved into one of India’s most significant gaming businesses.
The story is not simply about proving an investor wrong. It is about conviction, timing, and building an industry long before it became fashionable.
Building During the Dot-Com Collapse
The early 2000s were not an easy time for internet entrepreneurs.
The dot-com bubble had burst globally. Investor confidence had evaporated. Internet businesses were viewed with skepticism. Funding became scarce. Growth stories disappeared overnight.
For founders building technology companies, survival often became more important than expansion.
Nitish Mittersain faced that environment while trying to convince people that digital entertainment and mobile gaming could become major businesses in India.
At the time, the idea seemed premature.
India’s internet penetration was limited. Smartphones did not exist. Mobile data was expensive. Gaming was not viewed as a serious industry.
The market looked small. The opportunity looked uncertain.
Yet Mittersain continued building.
Seeing the Future Before It Arrived
One of the defining characteristics of successful entrepreneurs is the ability to see shifts before they become obvious.
When Nazara Technologies was founded in 1999, gaming was nowhere near the economic force it is today.
Globally, gaming was still developing. In India, the industry was barely being discussed as a meaningful business category.
But several long-term trends were already beginning to emerge.
Mobile devices were becoming more common. Digital consumption was increasing. Younger audiences were spending more time interacting with technology.
Mittersain recognized that entertainment would eventually move onto digital platforms.
Rather than waiting for the market to mature, he positioned Nazara early.
That decision would become one of the company’s greatest advantages.
From Mobile Gaming Startup to Global Platform
Over time, Nazara expanded far beyond its original identity.
What started as a mobile gaming company evolved into a broader gaming and digital entertainment platform with interests spanning:
- Mobile gaming
- Esports
- Ad-tech
- Gamified learning
- Interactive entertainment
The company also expanded internationally, building a presence across India, Africa, North America, and several other markets.
This diversification allowed Nazara to participate in multiple areas of the gaming ecosystem rather than relying on a single revenue stream.
As gaming audiences grew worldwide, the company benefited from both industry expansion and strategic acquisitions.
Scaling a Business Through Consistency
The growth of Nazara Technologies reflects years of steady execution rather than overnight success.
Over the last several years, the company has reported significant expansion in revenue, profitability, and market presence.
Revenue grew from Rs 247 crore in FY20 to Rs 454 crore in FY21. By FY24, revenue had crossed Rs 1,138 crore while profitability continued improving. FY25 revenue reached Rs 1,715 crore, and FY26 saw the company report its highest-ever EBITDA of Rs 255 crore.
One of the most notable developments came through Nazara’s acquisition strategy.
The company completed its largest acquisition to date with Bluetile and BestPlay, adding multiple gaming properties and millions of active users to its platform.
These moves strengthened Nazara’s position at a time when gaming is becoming one of the fastest-growing segments of the global digital economy.
The Power of Conviction
The investor who rejected Mittersain’s idea in 2002 was responding to the reality of that moment.
The internet industry was struggling. Capital was scarce. Most investors were focused on minimizing risk.
What they could not see was how dramatically technology would change over the following two decades.
This is often the challenge for entrepreneurs.
Markets evaluate the present. Founders build for the future.
That gap creates uncertainty. It creates skepticism. It creates rejection.
But it also creates an opportunity for those willing to stay committed long enough.
Mittersain recently reflected that moments of doubt test conviction more than capability.
The response to skepticism, he noted, is not argument. It is execution.
Building India’s Gaming Future
Today, gaming is no longer a niche category.
It is one of the largest segments within the global digital economy, supported by smartphones, high-speed internet, esports, streaming, and changing consumer behavior.
India is emerging as one of the world’s most important gaming markets, creating opportunities for companies that established themselves early.
Nazara’s growth reflects that transformation.
More importantly, it reflects the value of persistence in entrepreneurship.
The founder, who was once asked to leave an investor’s office, now leads India’s only publicly listed gaming-focused company.
The rejection remains part of the story.
But the outcome was written by everything that happened after it.
Nitish Mittersain
