According to a stock exchange filing on, listed media and gaming company Nazara Technologies announced the purchase of an additional 48.42% share in its subsidiary, Paper Boat Apps, for Rs 300 crore, increasing its overall ownership in the business to 100%. Cash will be paid out in installments.
The children’s gamified learning software “Kiddopia,” created for kids ages 2 to 8, is published and developed by Paper Boat Apps. The United States accounts for more than 90% of its business.
Nazara is also considering merging Paper Boat Apps to integrate Kiddopia into its platform, which would generate significant cash flows for organic and inorganic expansion.
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Nazara bought 50.91% of Paper Boat Apps in 2019. Paper Boat Apps reported consolidated revenue of Rs 219.4 crore, Ebitda of Rs 56.1 crore, and net cash balance of Rs 155.74 crore for FY24.
“Kiddopia has been one of our most popular IPs in the kids’ space and we have now increased our holdings to 100% by buying out the founders. Now we will be growing the company from this point because we think the potential for Kiddopia is much larger than what we have currently achieved. With this investment, we hope to take it to the next level, ” Nitish Mittersain, CEO and joint managing director of Nazara Technologies.“In terms of additional acquisitions, Nazara is well positioned to acquire gaming studios and we are in advanced conversations with many other studios as well. One of our core focuses is to acquire gaming studios in India and also outside of India,” he added.
Nazara’s esports and events arm, Nodwin, has acquired Comic Con India, West Asia and Turkey-focused marketing firm Publishme, Singapore-based events firm Branded, and Turkish esports and gaming firm Ninja Global in recent months.
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“Following the majority acquisition by Nazara, Kiddopia has scaled tremendously, and we are pleased to see it find a permanent home within Nazara. We believe that Kiddopia has significant potential for future growth, and Nazara is well-positioned to elevate it to the next level,” Anupam Dhanuka, Promoter of Paper Boat Apps said.
About Nazara Technologies
Nazara Technologies, India’s only listed games company, is a multi-million dollar diversified gaming and sports media platform that started as a college student’s games portal.
About Paper Boat
Paper Boat is a brand of traditional Indian beverages and delicacies made and sold by Bengaluru-based Hector Beverages.
