Gaming and sports media company Nazara Technologies Ltd today announced that it had completed its acquisition of Paper Boat Apps.

Paper Boat Apps is the developer of the popular ‘Made in India’ app Kiddopia. Nazara has acquired a majority stake of 51 per cent in Paper Boat Apps.

This is the company’s second transaction in the year. Previously it had acquired a majority stake in fantasy platform, Halaplay Technologies Pvt. Ltd.

This transaction is part of the ₹83-crore stake deal to acquire a majority in Paper Boat Apps announced last year. The company had been valued at over ₹150 crore, Nazara said.

“Since the initial funding, Kiddopia has seen over 300 per cent growth in revenues and is now witnessing an annualised revenue run rate of over ₹175 crore,” it said.

Kiddopia was launched in 2017. The app has been downloaded by more than five million parents around the world and currently has over 3,00,000 active subscribers, according to the company.

“This investment from Nazara has helped us focus on product enhancement and marketing, thereby leading to a 3x growth in subscriber base,” said Anupam Dhanuka, co-founder and CEO, Kiddopia.

“We have just finished our best month and we expect our topline to grow 2x in annual revenues by March 2021,” he added.

Nitish Mittersain, Founder and MD, Nazara Technologies Ltd said, “Gamified edtech is the only way to deliver high quality learning to young kids on digital devices. Kiddopia is a perfect example of this overlap between gaming and learning and their popularity amongst parents and kids speaks for itself. Nazara is very happy to add Kiddopia to our portfolio catering to over 100 million monthly active users on our network.”

Nazar’s overall portfolio of kids’ gaming apps has over 20 million monthly active users with 180 million downloads on Google Play and App store.

With this stake-buy, Nazara further strengthens its position in the kid’s edutainment

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