Gaming firm Nazara acquires 100% stake in Kiddopia's Paper Boat Apps with Rs 300 cr investment
Paper Boat Apps posted a consolidated revenue of Rs 219.4 crore and an EBITDA of Rs 56.1 crore in FY2024
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Mobile gaming firm Nazara Technologies on Friday acquired an additional 48.42% stake in Paper Boat Apps from its promoters Anupam and Anshu Dhanuka for Rs 300 crore.
In a BSE filing on Friday, Nazara Technologies said that Rs 300 amount will be paid by the company in cash in tranches to take 100% ownership of the Paper Boats Apps.
Paper Boat Apps is the developer and publisher of the children's digital gamified learning app 'Kiddopia'.
Nazara had acquired a 50.01% stake in Kiddopia in 2019.
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.”
"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.
Paper Boat Apps posted a consolidated revenue of Rs 219.4 crore and an EBITDA of Rs 56.1 crore in FY2024, with a net cash balance of Rs 155.74 crore as of March 2024.
