The transaction, valued at INR 300 Cr and to be paid in cash in tranches, will raise Nazara's ownership in PBA to 100%, the company said in a filing
Paper Boat Apps is the developer and publisher of children’s digital gamified learning app ‘Kiddopia’, a gaming app for kids in the US
Nazara will also consider merging Paper Boat Apps into the company at the appropriate time to bring home gamified learning IP ‘Kiddopia’, it said
Nazara Technologies
Limited has picked up an additional 48.42% stake in Paper Boat Apps Pvt Ltd (PBA) from its promoters Anupam and Anshu Dhanuka.
The transaction, valued at INR 300 Cr and to be paid in cash in tranches, will raise Nazara’s ownership in PBA to 100%, the company said in a filing.
Paper Boat Apps is the developer and publisher of children’s digital gamified learning app ‘Kiddopia’, a gaming app for kids in the US. Nazara will also consider merging Paper Boat Apps into the company at the appropriate time to bring home gamified learning IP ‘Kiddopia’, it said.
This step will allow Nazara to benefit from healthy cash flows that can be reinvested for organic as well as inorganic growth, it added further.
Back in 2019, Nazara acquired a 50.91% stake in Paper Boat Apps.
Paper Boat Apps posted a consolidated revenue of INR 219.4 Cr and an EBITDA of INR 56.1 Cr in FY24, as of March 2024, Nazara claimed.
“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,” Nitish Mittersain, CEO and joint managing director of Nazara Technologies, said.
For the last couple of months, Nazara and its subsidiaries are increasing stakes in earlier investments. In May, Nazara announced acquiring another 28.12% stake in Nextwave Multimedia Private Limited, the developers of the mobile cricket game franchise World Cricket Championship, for INR 21.6 Cr.
The fresh acquisition of a 100% stake in Nextwave will help Nazara in strengthening its portfolio of offerings in the virtual interactive sports genre in India and other emerging markets, the gaming and entertainment giant said.
Nazara Technologies-backed NODWIN Gaming’s Singapore-based subsidiary, NODWIN Gaming International Pte. Ltd, also picked up an additional 43.49% stake in Freaks 4U Gaming GmbH for around €23.4 Mn (~ INR 212.9 Cr).
Meanwhile, Nazara’s consolidated net profit declined 98% year-on-year (YoY) to INR 18 Lakh in Q4 FY24. Its operating revenue also declined 8% YoY to INR 266.2 Cr in the quarter.
