Acquisition · Consumer Internet & Media

Nazara withdraws merger of Paper Boat Apps

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NCLT approved Nazara's withdrawal of the merger of Paper Boat Apps into Nazara

Paper Boat Apps, which develops Kiddopia, became a wholly owned subsidiary after Nazara's 2024 buyout

Nazara plans to focus on core gaming and divest non-core businesses

The NCLT (National Company Law Tribunal, a court that handles company disputes) approved Nazara Technologies' request to withdraw the merger of Paper Boat Apps into Nazara.
The NCLT order was dated June 18, 2026 and dismissed the merger application.
Nazara's board had approved the withdrawal in May 2026 due to changes in restructuring plans.
Nazara first acquired a 50.91% stake in Paper Boat Apps in 2019.
In July 2024, Nazara bought the remaining 48.42% stake from promoters Anupam and Anshu Dhanuka for Rs 300 crore.
After that buyout, Paper Boat Apps became a wholly owned subsidiary of Nazara.

Nazara plans to sharpen focus on core gaming and divest non-core businesses such as esports and adtech.
The withdrawal aligns with Nazara's strategy to streamline its portfolio.
Paper Boat Apps was acquired fully in 2024 but the merger was later deemed unnecessary.

Paper Boat Apps develops and publishes Kiddopia, a subscription-based digital learning app for children aged 2-7.
Kiddopia derives majority of its revenue from the US market.
Nazara Technologies is a gaming company.