Nazara acquires Kiddopia's developer Paper Boat Apps

Gaming and sports media company Nazara Technologies has announced the acquisition of an additional 48.42% stake in Paper Boat Apps (PBA) from its promoters Anupam and Anshu Dhanuka for a sum of Rs 300 crore.

With this, Nazara has acquired 100% in Paper Boat Apps. Earlier in 2019, Nazara had acquired 50.91% stake in PBA.

Founded by PR Rajendran, R Kalpana and PR Jayashree, Paper Boat Apps is the developer and publisher of children’s digital gamified learning app ‘Kiddopia.’

Kiddopia is a subscription-based app designed for children aged between two and seven. Most of its income comes from the US. 

In March this year, Nazara had planned to invest $100 million towards merger and acquisition within the next 24 months. 

In May, Nazara acquired 100% stake in mobile gaming subsidiary Nextwave Multimedia by buying the remaining 28.12% from founder shareholders PR Rajendran, R Kalpana and PR Jayashree.

Nazara’s portfolio companies include, Nodwin Gaming in the esports space, Sportskeeda and Pro Football Network in the sports media space. 

Last month, Nazara-backed Nodwin Gaming had announced that its Singapore-based subsidiary has signed definitive agreements to increase its stake in Berlin-based Freaks 4U to 100% in tranches through a share swap deal.