Nazara Tech has acquired a 48.42% stake in Paper Boat Apps for Rs 300 crore, turning the maker of the popular Kiddopia app into a fully owned subsidiary.
The deal involves an initial payment of Rs 225 crore, with plans to potentially merge Paper Boat Apps into Nazara at a later stage. This move bolsters Nazara's gaming portfolio, which founder Nitish Mittersain sees as a major revenue driver in the future. Nazara had previously acquired a 50.91% stake in Paper Boat for Rs 83.5 crore in 2019.