Games24x7, a multi-game platform, has raised $75 million in a financing round led by Malabar Investment, with Tiger Global and Raine Group also involved. The gaming company was valued at $2.5 billion in this round, making it the newest member of the unicorn club.
RummyCircle (an online rummy game), My11Circle (a fantasy gaming platform), and U Games are just a few of the Games24x7 offers (a portfolio of casual games). Games24x7, which was founded in 2006 by Trivikraman Thampy and Bhavin Pandya, claims to have over 100 million users.
Trivikraman Thampy, Co-Founder, and Co-CEO, shared, “We are extremely happy to partner with Malabar Investment and 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.”
Sumeet Nagar, Managing Director, Malabar Investments, said, “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, 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.”
According to Games24x7, India is set for expansion as an online skill gaming hotspot due to favourable demographics, increased internet penetration, and a burgeoning economy.
“This investment round feels particularly special, when the sentiment around growth stocks, especially in the new age sector has been sluggish. It reaffirms the importance of building a business on strong fundamentals,” said Bhavin Pandya, Co-Founder and Co-Chief Executive Officer, Games24x7.
“The latest investment round and the validation it brings for the gaming sector, is our humble tribute to Honorable Prime Minister Shri Narendra Modi Ji’s remarkable vision of making India, a global gaming hub,” Pandya added.
In the last budget, the Union government recognised this rise by announcing the formation of the AVGC (Animation, Visuals, Gaming, and Comics) Task Force, according to the corporation.