M&A

M&A

Gaming co. Nazara gets NCLT nod to withdraw merger of group arm Paper Boat Apps

Entrackr  

Mumbai-based listed gaming company Nazara has received approval from the National Company Law Tribunal (NCLT) to withdraw the proposed merger of its wholly owned subsidiary, Paper Boat Apps.Founded by PR Rajendran, R Kalpana, and PR Jayashree, Paper Boat Apps publishes the subscription-based digital learning app Kiddopia, which targets children aged between two and seven years. The company derives the majority of its revenue from the US market. Nazara initially acquired a 50.91% stake in Paper Boat Apps in 2019 and subsequently purchased the remaining 48.42% stake from promoters Anupam and Anshu Dhanuka for INR 300 crore in July 2024.The withdrawal of the merger follows Nazara's announcement of plans to concentrate on core gaming operations while divesting from non-core segments, including adtech and esports.

Between Oct 2005 and Jan 2025, Nazara had attracted about $407 M from WestBridge, 360 ONE, Rare Enterprises, Plutus Wealth Management, Orchid Asia, GIC, Think Investments, Others.For FY25, Nazara had reported about INR 34 Cr in Operating Income and about INR 28 Cr in PAT.