Nazara Technologies has acquired an additional 48.42 per cent stake in Paper Boat Apps from its promoters Anupam and Anshu Dhanuka for a sum of Rs 300 crores 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 a children’s digital gamified learning app Kiddopia which as per Nazara’s release, is the third highest grossing app in the US for children between two to eight years.
Since Nazara’s acquisition in 2019 of a 50.91 per cent stake in the company, the app has scaled up significantly.
Paper Boat Apps posted a consolidated revenue of Rs 219.4 crores and an EBITDA (Earnings before interest, taxes, depreciation and amortisation) of Rs 56.1 crores in FY24, with a net cash balance of Rs 155.74 crores as of March 2024.
Nazara Technologies CEO and joint managing director Nitish Mittersain 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.”
Paper Boat Apps promoter Anupam remarked, “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. We believe that Kiddopia has significant potential for future growth, and Nazara is well-positioned to elevate it to the next level.”
Nazara Technologies is a Indian and Dubai based tech and mobile gaming company which owns subsidiaries like Nodwin Gaming (esports company), Sportskeeda (esports media and content firm), Qunami (quizzing app), Nextwave Multimedia (video game publisher) and Nazara Digital (mobile game publisher).