Nazara Acquires Paper Boat Apps' 100% Ownership By Rs 300 Cr Investment
Nazara Technologies has acquired an additional 48.42 per cent share in Paper Boat Apps for Rs 300 crore, raising its total ownership to 100 per cent
Nazara Technologies, on Friday, said that it has acquired an additional 48.42 per cent share in Paper Boat Apps (PBA) from its entrepreneurs, Anupam and Anshu Dhanuka, for a total of Rs 300 crore in cash in tranches. This acquisition will bring Nazara's stake of PBA to 100 per cent.
Nitish Mittersain, CEO and Joint Managing Director of Nazara Technologies, 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.”
He added, “Nazara is quickly becoming the go-to platform for entrepreneurs in the gaming, sports, and entertainment sectors globally to access opportunities to scale up and generate liquidity for themselves along the way, as exemplified by this transaction.”
Nazara 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 ‘Kiddopia’. This step will allow Nazara to benefit from healthy cash flows that can be reinvested for organic as well as inorganic growth.
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.
Anupam Dhanuka, Promoter of Paper Boat Apps, said, "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. We wish Nazara and the entire Kiddopia team the best of luck in their future endeavours."
Nazara intends to undertake a multifaceted approach to accelerate the Kiddopia franchise's growth and expansion. This plan involves IP licencing and integration, worldwide market expansion, deeper network synergies and new income sources like as merchandise, video and advertising, in addition to the present subscription revenue model.
