Multi-game platform Games24x7 has raised $75 million in a funding round from Malabar Investment. Tiger Global and Raine Group also participated in this round.
The startup says that this latest investment round makes us India’s most valuable multi-game platform with a valuation of $2.5 billion.
Headquartered in Mumbai Games24x7 was founded in 2006 by Trivikraman Thampy, an engineering alumnus of IIT Bombay and Bhavin Pandya, It is a gaming startup that includes popular brands like RummyCircle – an online card game, My11Circle – a sports fantasy game and U Games which is the center of casual games.
“We are extremely happy to partner with Malabar Investment and to 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”, said, Trivikraman Thampy, Co-founder and Co-CEO of Games24x7.
The startup currently has over 100 million users and is considered to be one of the fastest-growing online gaming companies in India.
“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, the 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”, said, Sumeet Nagar, Managing Director, Malabar Investments.
The company claims that its flagship product RummyCircle has over 30 million registered users, and adds 50K new users on a daily basis. Its cricket fantasy gaming product My11Circle has garnered a total of 6 million downloads since its launch.
“We are strong believers in the potential of India’s gaming market and are very excited to be a part of Games24x7’s journey, both as an investor and as a trusted advisor. We are committed in our partnership with Games24x7 as it continues to drive innovation as a leader in the online gaming industry, delivering immersive game playing experiences to the Indian user across categories and formats”, said, John Salter, Partner and Co-founder, The Raine Group.
The Rhine Group was Games24x7’s financial advisor for this round.