Nazara Technologies Takes Full Control Of Paper Boat Apps In ₹300 Cr Deal

Nazara Technologies has declared the purchase of the remaining 48.42% stake in Paper Boat Apps Pvt. Ltd (PBA), thereby gaining complete ownership of the company.

What Happened: The gaming major, on Friday, announced the acquisition of an additional 48.42% stake in Paper Boat Apps from its promoters, Anupam and Anshu Dhanuka. The deal, valued at ₹300 crore, is set to be paid in cash in tranches. This acquisition gives Nazara total control over the company, renowned for its popular children’s digital gamified learning app, Kiddopia.

Nazara is also contemplating the integration of Paper Boat Apps into its company at a suitable time. This move is expected to enable Nazara to reap the benefits of the robust cash flows that can be channelled for organic as well as inorganic growth.

See Also: Paytm’s Net Loss Soars To ₹839 Cr, Shares Recover As Street Expected Worse

Paper Boat Apps posted a consolidated revenue of ₹219.4 crore and an EBITDA of ₹56.1 crore in FY24, with a net cash balance of ₹155.74 crore as of March 2024.

Nitish Mittersain, CEO of Nazara Technologies, expressed his enthusiasm about the acquisition, stating, “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.”

This acquisition comes as a strategic move for Nazara Technologies, which has been expanding its footprint in the gaming sector. In June 2024, Nazara’s subsidiary, Nodwin Gaming, increased its stake in the Berlin-based esports company, Freaks 4U Gaming, through a share swap worth ₹271 crore. The acquisition of Paper Boat Apps further strengthens Nazara’s position in the gamified learning sector, opening new avenues for growth and expansion.

Read Next: India Emerges As Second Largest Paid User Additions Market For Netflix