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Gurugram-based Ziffi Chess, the fast-paced 2-minute, 6-move chess format, has raised Rs 44.2 crore ($5 million) in its Series A funding round led by Tanglin Venture Partners.
The round also saw participation from existing investors India Quotient, DeVC and others.
Regulatory filings with the Registrar of Companies reveal that Ziffi Chess issued 3,792 Series A compulsorily convertible preference shares and one equity share at Rs 1,16,583 each to raise the investment.
Read also- VC firm AJVC closes maiden fund at Rs 165 Cr
Tanglin Venture Partners led the investment with Rs 34.4 crore, while India Quotient contributed Rs 8.6 crore via its IQ Alpha IV fund. Additional investments came from DeVC, Symphysis LSV LLP, and Rohan Nayak.
After the allotment, Tanglin Venture Partners holds a 16.67% stake in Ziffi Chess, and India Quotient owns 15.2%. Co-founders Akshat Bansal and Aditya Dubey retain a combined 53.54% stake.
Ziffi Chess initially raised around INR 7.3 crore in a seed round across two tranches from India Quotient, DeVC, and several angel investors.
About Ziffi Chess
Founded in 2023 by IIT-B alumni Akshat Bansal and Aditya Dubey, Ziffi Chess offers a unique 2-minute, 6-move format, letting players compete in quick matches and win cash rewards. While games were previously paid, the platform now allows free play following the government's ban on real-money online gaming; earlier, entry fees started at Rs 10.
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In its first year (FY24), Ziffi Chess earned Rs 1.5 lakh in revenue but spent Rs 87.65 lakh, resulting in a loss of Rs 86 lakh.
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