Maya Robertson
Mumbai-headquartered online gaming company Games24x7 announced Wednesday that it has raised $75 million in a funding round led by Malabar Investment. The new round values the company at $2.5 billion.
Existing investors Tiger Global and Raine Group also participated in the new round.
Founded by New York University trained economists Bhavin Pandya and Trivikraman Thampy in 2006, Games24x7 is a multi-game platform with a portfolio that spans skill games (RummyCircle and My11Circle) and casual games (U 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 in a statement.
Having offices in Bengaluru, New Delhi, Miami and Philadelphia, Games24x7 currently has more than 100 million users.
“ We will use the funds to accelerate user growth,” Pandya told ET. “ 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.”
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