Mumbai: Singapore-based media and entertainment-related investments company Vistas Media Capital (VMC) on Wednesday announced the acquisition of a majority stake in Paperboat Design Studios, an animation and design company based out of India, for an undisclosed amount. The studio, with more than 250 full-time employees across offices in Mumbai and Hyderabad, will help stride VMC's growing media ecosystem that spans across film and video content, NFT, gaming and metaverse, said the statement.
The move reflects VMC’s ongoing commitment to expand its value chain of media, entertainment, and related technologies. This deal comes at the heels of a newly announced film project between Golden Ratio Films (GRF) – a wholly-owned subsidiary of VMC and US-based production company Appian Way Productions last month.
“Paperboat is a team of passionate, talented, and creative people, with a proven track record in animation and VFX. We welcome them to the Vistas eco-system and hope to have a synergistic relationship to grow the business beyond India across content, gaming, and metaverse," stated Vistas Media Capital group CEO Abhayanand Singh.
Established over a decade ago, Paperboat Design Studios has created animation and design work and produced the live-action films for a diverse clientele. The studio also offers VFX and CGI services through its majorly owned subsidiary Occult Studios, based out of Mumbai. Some of the major clients of Paperboat and Occult include Disney India, Discovery Kids, McCann, World Bank, Coca Cola, Cadburys, Nestle, Burger King, and Reebok.
“We are extremely excited about being a part of Vistas Media Capital as it gives us an opportunity to explore exponential growth across genres and markets," said Paperboat Design Studios CEO and co-founder Soumitra Ranade. "The capital infused will be used to expand the team, create original IPs, and cross synergise other verticals with them. The business and its offerings are at an inflection point of a massive explosion in the post COVID world, across digital and traditional media.”
Paperboat has worked on several popular television series including "Bandbudh Aur Budbak" and "Fukrey Boyzz." The studio also worked on the 2D animated feature film "Bombay Rose," which premiered at the Venice Film Festival in 2019 and was the first Indian animation to open for the Venice Film Critics’ Week.
Currently, Paperboat is working on two international animation projects - "Bhrigu And The Palace of Mirrors," based on the book with the same name, and "Kabuliwala," based on the classic short story by Nobel prize laureate Rabindranath Tagore.
