Mumbai, July 19 (IANS) Nazara Technologies on Friday announced the acquisition of additional 48.42 per cent stake in Paper Boat Apps (PBA) for Rs 300 crore.
Nazara, which owns NODWIN Gaming, Sportskeeda and Pro Football Network, said that it acquired the stake from promoters Anupam and Anshu Dhanuka, to be paid in cash in tranches to take its ownership in PBA to 100 per cent.
Paper Boat Apps is the developer and publisher of gamified learning app ‘Kiddopia’.
Nazara said that it will also consider merging Paper Boat Apps into the company at the appropriate time to bring home one of the world’s most popular kids gamified learning IP.
Nitish Mittersain, CEO and Joint Managing Director of Nazara, said that 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.”
Since Nazara’s acquisition in 2019 of a 50.91 per cent stake in Paper Boat Apps, Kiddopia has scaled up significantly and become a much-loved franchise among children globally.
Paper Boat Apps posted a consolidated revenue of crore and an EBITDA of Rs 56.1 crore in FY24, with a net cash balance of Rs 155.74 crore (as of March 2024).
“We believe that Kiddopia has significant potential for future growth, and Nazara is well-positioned to elevate it to the next level,” said Anupam Dhanuka.
–IANS
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