Nazara completes majority stake-buy in Paper Boats Apps

Gaming and sports media company Nazara Technologies today announced that it has acquired a majority stake of 51% in Paper Boat Apps. Paper Boat Apps is the company that developed Kiddopia, a popular educational games app which is targeted at kids in the 2-7 year age bracket.

Nazara issued shares worth INR 43 crores to complete the final tranche of the deal. This transaction is part of the Rs. 83 crore deal to acquire a majority stake in Paper Boat Apps, valuing the company at over Rs. 150 crores.

Last month, Nazara acquired a majority stake in fantasy platform Halaplay Technologies.

According to the release issued by Nazara, Kiddopia now has an annualized revenue run rate of over Rs.175 crores.

Kiddopia was launched in 2017 by husband-wife duo, Anupam and Anshu Dhanuka. The app has more than 5 millions downloads and over 300,000 subscribers.

Anupam Dhanuka, co-founder and CEO, Kiddopia said, “This investment from Nazara has helped us focus on product enhancement and marketing, thereby leading to a 3x growth in subscriber base.”

Kiddopia will also step up hiring across all levels, including middle to senior management. The company is also looking to hire people at the CXO level.

He further adds “We have just finished our best month and we expect our topline to grow 2x in annual revenues by March 2021.”

Sandip Ginodia , CEO

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