Nazara Technologies has recently made headlines with its acquisition of UK-based Fusebox Games for ₹228 crore ($27.2 million) in an all-cash transaction. Fusebox, best known for its interactive story game ‘Love Island,’ will significantly bolster Nazara’s global gaming portfolio. This strategic acquisition is a key move in Nazara’s ongoing effort to expand its intellectual property (IP)-driven gaming business and leverage its strong Indian base for international growth. The deal comes on the heels of Nazara’s recent purchase of a 48.42% stake in Paper Boat Apps, further strengthening its presence in the global gaming market.
Nitish Mittersain, Founder and CEO of Nazara, highlighted the importance of this acquisition in the company’s broader strategy: “We see a large opportunity in building an IP-based global gaming business that benefits from our core base in India, where we can support global studios through enhanced user acquisition strategies, data analytics, live operations, and new initiatives such as implementing our in-house AI playbook.”
In 2023, Fusebox reported revenue of ₹87.5 crore. The company has shown robust growth in 2024, with year-to-date (YTD) revenue from January to July reaching ₹116.6 crore. Fusebox specializes in IP-driven interactive story games, with in-app purchases contributing to 92% of its total revenue in July. The company primarily targets developed markets, including the US, UK, Australia, Canada, Switzerland, Sweden, Denmark, Norway, and New Zealand. Fusebox employs 30 people, mainly based in the UK.
Mittersain expressed enthusiasm about the acquisition, stating, “We are happy to join forces with the talented team at Fusebox as we continue to build Nazara into a global gaming company of meaningful scale.”
This acquisition follows Nazara’s recent move to acquire an additional 48.42% stake in Paper Boat Apps (PBA) for ₹300 crore, bringing its total ownership of PBA to 100%. Nazara, which also owns NODWIN Gaming, Sportskeeda, and Pro Football Network, secured this stake from promoters Anupam and Anshu Dhanuka, with the payment being made in cash installments.
Paper Boat Apps, known for developing and publishing the gamified learning app ‘Kiddopia,’ reported a consolidated revenue of ₹111 crore and an EBITDA of ₹56.1 crore in FY24. As of March 2024, the company had a net cash balance of ₹155.74 crore.
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