Nazara Technologies Withdraws Merger Proposal for Paper Boat Apps

Nazara Technologies has decided to withdraw the proposed merger of its fully owned subsidiary, Paper Boat Apps Private Limited, following approval from the National Company Law Tribunal (NCLT) to retract the scheme. In a recent stock exchange announcement, it was confirmed that the NCLT permitted the application to withdraw the Scheme of Amalgamation.

The board of Nazara initially approved this withdrawal in May 2026 due to modifications in the company’s restructuring strategy. Nazara first acquired a 50.91% share in Paper Boat Apps in 2019. In July 2024, the company acquired the remaining 48.42% share from founders Anupam and Anshu Dhanuka for Rs 300 crore, thus making Paper Boat Apps its wholly owned subsidiary.

About Paper Boat Apps and Its Offerings

Founded by PR Rajendran, R Kalpana, and PR Jayashree, Paper Boat Apps is responsible for the development and publishing of Kiddopia, a subscription-based digital learning application designed for children aged two to seven. The majority of its revenue is generated from the US market.

NCLT Approval and Next Steps

According to the NCLT ruling dated June 18, 2026, the tribunal allowed the withdrawal application related to the merger scheme and officially dismissed it as withdrawn. The decision comes after Nazara’s announcement to concentrate on its central gaming business while divesting from non-core sectors such as esports and adtech.