Comments
Nazara Technologies Limited announced the acquisition of an additional 48.42 per cent stake in Paper Boat Apps Pvt. Ltd (PBA) from its promoters Anupam and Anshu Dhanuka for Rs 300 crores to be paid in cash in tranches
Paper Boat Apps is the developer and publisher of popular children’s digital gamified learning app ‘Kiddopia’ which is the #3 grossing app for children between 2-8 years of age in the United States of America.
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.
In 2019, Nazara had acquired a 50.91 per cent stake in Paper Boat Apps.
- Also read: Nazara Technologies shares surge 6.22% after subsidiary acquires US-based SoapCentral.com
Paper Boat Apps posted a consolidated revenue of ₹219.4 crores and an EBITDA of ₹56.1 crores in FY24, with a net cash balance of ₹155.74 crores as of March 2024.
“Nazara aims to execute a multi-pronged strategy to drive growth and expansion of the Kiddopia franchise through IP licensing and integration, global market expansion, deeper synergies within its network, and additional revenue streams including merchandising, video, and advertising revenues, in addition to the current model of subscription revenues,” said a press statement.
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.”
Anupam Dhanuka, Promoter of Paper Boat Apps, 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. We wish Nazara and the entire Kiddopia team the best of luck in their future endeavours.”
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.