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Nazara Technologies Ltd, an interactive gaming and digital sports media company, has invested Rs 83.5 crore in Mumbai-based Paper Boat Apps.
The company has acquired a 51 per cent stake at a pre-money valuation of Rs 154 crore, the company said in a statement.
“This investment will help us grow our team, strengthen our market share in the US and expand to other high value markets such as Latin America, Europe and Japan. We also plan to leverage Nazara’s existing network of users to quickly grow in India, Southeast Asia and the Middle East,” said Anupam Dhanuka, Co-Founder & CEO of Paper Boat Apps.
Paper Boat Apps is the creator and publisher of Kiddopia, a subscription-based preschool edutainment app.
This deal is subject to shareholders and other regulatory approvals, it said.
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