Nazara completes acquisition of Paper Boat Apps

• Nazara is considering merging PBA's Kiddopia IP into its catalogue

India-based video games and esports company Nazara Technologies has acquired an additional 48.42% stake in Paper Boat Apps (PBA).

This acquisition comes from its promoters, Anupam and Anshu Dhanuka, for INR 300 crores ($36 million), to be paid in cash in tranches to complete Nazara's ownership of PBA. 

Since acquiring a 50.91% stake in PBA in 2019, children's learning app Kiddopia has grown significantly. In FY24, PBA reported a consolidated revenue of INR 219.4 crores ($26.7 million) and a net cash balance of INR 155.74 crores ($19 million) as of March 2024.

A possible merger

Nazara is considering merging PBA's Kiddopia IP into its catalogue to leverage the app's strong cash flow for both organic and inorganic growth.

“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," said Nazara CEO and joint managing director Nitish Mittersain. 

Anupam Dhanuka, Paper Boat Apps' promoter, added: “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.”