Diversified gaming and sports media Nazara Technologies on July 19 announced that it is picking up 48.42 percent stake in its subsidiary Paper Boat Apps that owns the gamified learning app Kiddopia for Rs 300 crore.
The deal is part of the company's efforts to scale up its gaming business, which founder Nitish Mittersain believes will be the biggest revenue generator for the firm in the coming years.
Nazara Technologies is buying this stake from promoters Anupam Dhanuka and Anshu Dhanuka in an all-cash deal through multiple tranches.
Once the deal is completed, the firm will own 100 percent stake in Paper Boat Apps which will become a wholly-owned subsidiary of Nazara Technologies. Nazara said it will also consider merging Paper Boat Apps into the company at the appropriate time.
Nazara Technologies had first acquired 50.91 percent stake in Paper Boat Apps for Rs 83.5 crore in 2019.
In May, Nazara Technologies had announced in May that the company is taking 100 percent stake in mobile gaming subsidiary Nextwave Multimedia by buying the remaining 28.12 percent stake from founder shareholders PR Rajendran, R Kalpana and PR Jayashree.
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