Listed media and gaming firm Nazara Technologies acquires the remaining 48.42 percent stake it did not hold in Paper Boat Apps for Rs 300 crore, making it a wholly owned subsidiary.

According to reports, Nazara filed the document about a stock exchange that plans to acquire the shares from Paper Boat Apps' founders in cash and pay them in installments.

Paper Boat Apps is the developer and distributor of Kiddopia, a gamified learning app developed for children ages 2-8. More than 90 percent of its business comes from the United States.

Nazara is considering plans to absorb Paper Boat Apps and integrate Kiddopia with its platform.

Nazara first acquired a 50.91 percent stake in Paper Boat Apps in 2019. For FY24, Paper Boat Apps posted consolidated revenue of Rs 219.4 crore and earnings before interest, tax, depreciation, and amortization (Ebitda) of Rs 56.1 crore, with a net cash balance of Rs 155.74 crore.

“Kiddopia has been one of our most popular IPs in the kids’ space and we have now increased our holdings to 100 percent by buying out the founders. Now we will be growing the company from this point because we think the potential for Kiddopia is much larger than what we have currently achieved. With this investment, we hope to take it to the next level,” says Nitish Mittersain, Nazara’s chief executive and joint managing director.

“In terms of additional acquisitions, Nazara is well positioned to acquire gaming studios and we are in advanced conversations with many other studios as well. One of our core focuses is to acquire gaming studios in India and also outside of India,” adds Nitish.