Online gaming and sports media company Nazara Technologies Limited has announced that it has made an investment of Rs. 83.50 crores in Paper Boat Apps, the creator and publisher of Kiddopia, a subscription based preschool edutainment app.
With the closure of the transaction, the company will acquire a majority stake of 51% in Paper Boat Apps Private Limited at a pre-money valuation of Rs. 154 crores. The deal is subject to shareholders approval and customary closing conditions including any other regulatory approvals.
Kiddopia offers a wide array of interactive games and activities that foster cognitive development, self-expression and also social-emotional learning, for a subscription fee and has seen over 2.5 million downloads till date and currently has over 100,000 active subscribers.
Commenting on the transaction, Anupam Dhanuka, co-founder & CEO of Paper Boat Apps Pvt. Ltd., “The leadership at the two companies have very similar DNA and our goals are well aligned. 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.”
Nitish Mittersain, founder and Managing Director of Nazara Technologies Ltd. noted,“Kiddopia addresses the concern where young children are found to consume digital content through their parent’s devices. Kiddopia offers a positive alternative while bringing high quality, curated educational content packaged within an entertaining framework that keeps both kids healthy and parents happy. Kiddopia will be leveraged to over 100 million users through the Nazara network.”
In the past few months, Nazara has been on an acquisition spree, with the company recently acquiring majority stakes in sports news portal Sportskeeda, fantasy gaming platform Halaplay and real money quiz app Qunami.