Popular Indian online multi-gaming platform, Games24x7 recently raised $75 million in a funding led by Malabar Investments. This new investment takes Games24x7 into the unicorn club which comprises private startups with a value of $1 billion and above. Currently, the worth of Games24x7 stands around $2.5 billion.
Established by Trivikraman Thampy and Bhavin Pandya in 2006, Games24x7 was listed among the 100 unicorns in India in a Credit Suisse report.
According to Pandya, co-founder and CEO of the company, the funds received will be used to accelerate user growth on their platforms. He also stated that the company will ensure their existing businesses which are already thriving continue to do better both in the Indian markets and the International gaming industry. Then, he mentioned that the skill gaming portfolio will be diversified even more.
Games24x7 owns some of the biggest online gaming brands in India. These include the popular Rummy online platform ‘RummyCircle’ and one of the largest fantasy websites ‘My11Circle’.
In India, it is legal to play online blackjack, Roulette, Baccarat, Teen Patti, and other similar games. Hence, Games24x7 has a good environment to thrive, especially as its offerings involve more skill games.
Speaking on the funding, co-founder Thampy of Games24x7 said, “We are extremely happy to partner with Malabar Investments 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.”
The MD of Malabar Investments, Sumeet Nagar also made some comments praising the company. “Games24x7 is one of the pioneers in the fast-growing Indian online gaming market and has managed to build a highly profitable business with amazing acquisition and retention metrics.”
He further added that the company has performed remarkably by continuously improving the metrics at a great scale. “This speaks of the data science capabilities, the rigor, the thoughtfulness, and the strive for excellence that the fantastic leadership team brings to the table. We are excited to partner with Games24x7 on its growth journey ahead.”
The company’s headquarters is located in Mumbai, but it also has offices in New Delhi, Bengaluru, Philadelphia, and Miami. It currently has over 100 million users on its platforms and prides itself as one of the fastest-growing online gaming brands in India.
Partner and co-founder of The Raine Group who also participated in the funding expressed his excitement to be a part of Games24x7’s journey as a trusted advisor and investor. He restated the company’s commitment to its partnership with Games24x7 as it continues to lead the innovation in the online gaming market and deliver immersive gaming experiences to Indians across different formats and categories.
Pandya also expressed how special the investment meant to the company. “It reaffirms the importance of building a business on strong fundamentals,” he said. “The latest investment round and the validation it brings for the gaming sector is our humble tribute to PM Narendra Modi’s remarkable vision of making India a global gaming hub.”