Nazara Technologies Ltd on Friday said it has acquired an additional 48.42 per cent stake in Paper Bot Apps for Rs 300 crore.

The gaming company acquired shares from Anupam and Anshu Dhanuk, the promoters of Paper Boat App, making the ownership of the company 100%.

Nazara added that it is considering merging Paper Boat Apps with the company, which will allow it to benefit from a healthy cash flow that can be reinvested for growth.

Prior to this, Nazara held a 50.91% stake in the game-based education delivery platform, which it acquired in 2019.

The paper bot apps recorded a consolidated revenue of Rs. 219.4 crore in FY 2024, with 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 underlines 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 pre-school education app developed by Paper Boat Apps.

"It has been an incredible journey to develop Kidopia as a favourite app for kids and parents around the world. "After the majority acquisition of Nazara, Kidopia has grown tremendously and we are delighted to find a permanent home within Nazara," "said Anupam Dhanuka, promoter, Paper Boat Apps."

Nazara aims to develop additional revenue streams including trade, 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.