Nazara Technologies Limited on Friday said that it has acquired an additional 48.42% stake in Paper Boat Apps for Rs 300 crore to be paid in cash.
The gaming company acquired the stake from Paper Boat Apps’ promoters Anupam and Anshu Dhanuk, bringing its ownership in the company to 100%.
Nazara added that it is considering merging Paper Boat Apps into the company which will allow it to benefit from healthy cash flows that can be reinvested for growth.
It had previously held a 50.91% stake in the game-based educational delivery platform which it acquired in 2019.
Paper Boat Apps posted a consolidated revenue of Rs 219.4 crores in FY24, with a net cash balance of Rs 155.74 crores as of March 2024, the company said.
“At Nazara, we believe an IP such as Kiddopia has immense potential that can be unlocked through several new initiatives and acquiring full ownership underscores our commitment to intensifying our efforts in the gamified learning sector,” said Nitish Mittersain, CEO and Joint Managing Director of Nazara Technologies.
Kiddopia is a subscription-based preschool edutainment app developed by Paper Boat Apps.
“It has been an incredible journey developing Kiddopia into a beloved app for children and parents worldwide. Following the majority acquisition by Nazara, Kiddopia has scaled tremendously, and we are pleased to see it find a permanent home within Nazara,” said Anupam Dhanuka, Promoter of Paper Boat Apps.
Nazara aims to target growth and expansion of the Kiddopia franchise through IP licensing and integration as well global market expansion and additional revenue streams including merchandising, video, and advertising revenues.
The listed gaming company had said in March that it would earmark $100 million toward strategic mergers and acquisitions over the next 24 months
