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Husband-Wife Duo Earn ₹300 Crore from Sale of Kiddopia Stake to Nazara

• ByStartupStory     |    July 22, 2024

Nazara Technologies Limited has acquired an additional 48.42% stake in Paper Boat Apps for ₹300 crore in cash, bringing its total ownership to 100%. The purchase was made from the company’s promoters, Anupam and Anshu Dhanuk. This strategic move is set to bolster Nazara’s position in the gamified learning sector and enhance its growth trajectory.

The acquisition follows Nazara’s initial purchase of a 50.91% stake in 2019. With this complete acquisition, Nazara is considering merging Paper Boat Apps into its operations, a step expected to yield healthy cash flows for reinvestment and expansion.

Nazara Technologies’ CEO and Joint Managing Director, Nitish Mittersain, commented, “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.”

Paper Boat Apps, known for its flagship product Kiddopia, a subscription-based preschool edutainment app, reported consolidated revenue of ₹219.4 crore for FY24 and a net cash balance of ₹155.74 crore as of March 2024. The company has shown significant growth under Nazara’s majority ownership.

Reflecting on the journey, Anupam Dhanuka, Promoter of Paper Boat Apps, said, “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.”

Nazara Technologies has ambitious plans for the Kiddopia franchise, aiming for growth through IP licensing, global market expansion, and new revenue streams such as merchandising, video, and advertising. Earlier this year, the listed gaming company announced plans to allocate $100 million towards strategic mergers and acquisitions over the next two years.

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