Mumbai-headquartered gaming platform, Games24x7, has raised nearly $75 million in a funding round led by Malabar Investments with participation from existing investors Tiger Global and Raine Group.
The latest funding values the company at $2.5 billion, making it the 14th entrant to India's startup unicorn club.
Games24x7 will use the funds to accelerate user growth, content development and technological capabilities.
"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, Games24x7.
"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,” said Sumeet Nagar, managing director at Malabar Investments, about the investment in the company.
Games24x7 said it is the most valuable multi-game platform post the funding round.
Games24x7 offers a variety of gaming platforms including RummyCircle, My11Circle and U Games. It claims to have more than 100 million users. Most of its revenue is earned from the RummyCircle and fantasy play My11Circle. The startup has offices in Bengaluru, New Delhi, Miami, and Philadelphia.
Raine Group Partner and co-founder John Salter said the company strongly believes 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,” Salter added.
Thirteen other startups have entered India’s unicorn club so far this year including Oxyzo Financial Services, retail e-commerce management platform CommerceIQ, debt marketplace CredAvenue, software-as-a-service startup Hasura, edtech firm Lead School, D2C brand Mamaearth, analytics platform Fractal, social commerce platform Dealshare, HR tech player Darwinbox, e-commerce logistics platform XpressBees, home interior firm Livspace, B2B e-commerce platform ElasticRun, and Uniphore, a startup which is into conversational automation.