Indian online multi-gaming startup Games24x7 raised USD 75 million on March 30, 2022. Led by Malabar Investment, the round also saw participation from existing backers such as Tiger Global and Raine Group.
The latest investment turned Games24x7 into a unicorn. It is the third Indian startup to join the unicorn club in the gaming segment. The Raine Group was the financial advisor to Games24x7 for this round.
Previously, Dream 11 and Mobile Premier League entered the much-coveted unicorn club.
Purpose of Funding for Games24x7
Games24x7 intends to use the fresh capital to accelerate its user growth. Besides, the startup will focus on content development and technological capabilities.
The latest funding brought the company’s valuation to USD 2.5 billion.
What the founder has to say
“We will use the funds to accelerate user growth,” said Bhavin Pandya, co-founder and co-CEO.
“While our existing businesses continue to do well, we want to do much better. So, we will obviously focus on those. Simultaneously, we will look at launching more games – both for the Indian markets and international markets – as we want to diversify our skill gaming portfolio even more. We will also start actively looking for investment opportunities, where we can build synergies, meaningfully invest in them, work with them, guide them through our experiences, or learn from their experiences.”
In addition, Trivikraman Thampy, co-founder of Games24x7, said, “We are extremely happy to partner with Malabar Investment and see Tiger Global and Raine Group continue to repose their faith in us. This investment is a testimony not only to Games24x7’s performance but also to India’s immense potential as an online skill gaming market.”
What the investors have to say
Sumeet Nagar, Managing Director at Malabar Investments, said, “Games24x7 is a pioneer in the fast-growing online gaming industry in India and has built a highly profitable business with outstanding acquisition and retention metrics. Not only that, they have continuously improved on these metrics at a great scale, which we believe is quite a remarkable feat. This speaks of the data science capabilities, rigour, thoughtfulness, and strive for excellence that the fantastic leadership team brings to the table. We are excited to partner with Games24x7 on its growth journey ahead.”
John Salter, Partner and Co-founder at The Raine Group, said, “We are strong believers in the potential of India’sIndia’s gaming market and are very excited to be a part of Games24x7’sGames24x7’s journey, both as an investor and as a trusted advisor. We are committed to our partnership with Games24x7 as it continues to drive innovation as a leader in the online gaming industry. Games24x7 delivers immersive game playing experiences to the Indian user across categories and formats.”
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