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Nazara acquired Paperbot Apps with an additional investment of Rs 300 crore

Nazara Technologies Ltd on Friday said it has acquired an additional 48.42% stake in Paperbot Apps for a cash consideration of Rs 300 crore.

The gaming company acquired shares from Anupam and Anshu Dhanuk, the promoters of the PaperBot app, taking ownership of the company to 100%.

Nazara added that PaperBot Apps is considering a merger with the company, which would allow it to benefit from healthy cash flow that can be reinvested for growth.

Nazara previously held a 50.91% stake in the game-based education delivery platform acquired in 2019.

PaperBot Apps reported a consolidated revenue of Rs 219.4 crore in FY2024 and a net cash balance of Rs 155.74 crore as of March 2024, the company said.

"At Nazara, we believe that an IP like Kiddopia has immense potential that can be unlocked through several new initiatives, and acquiring full ownership underscores our commitment to intensify our efforts in the area of ​​gamified learning," said Nitish Mittersain, CEO and Joint Managing Director, Nazara Technologies.

Kiddopia is a subscription-based preschool education app developed by Paperbot Apps.

“It's been an incredible journey to grow Kiddopia into a favorite app for kids and parents around the world. After the majority acquisition of Nasara, Kidopia has grown tremendously and we are happy to find a permanent home within Nazara,” said Anupam Dhanuka, promoter, PaperBot Apps.

Nazara aims to develop additional revenue streams, including merchandising, video and advertising revenue, through IP licensing and integration, growth and expansion of the Kiddopia franchise, and global market expansion.

The gaming company said in March that it would set aside $100 million for strategic mergers and acquisitions over the next 24 months.

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Jeroj

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July 22, 2024

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