Zupee, a skill-based real money online gaming firm, has announced on Tuesday that it has raised $30 million in its Series B funding event, led by US-based WestCap Group and Tomales Bay Capital. The startup has also revealed that the current funding has helped the firm to reach a valuation of $500 million.
Zupee Valuation Surges After Latest Funding Round
In January 2021, Zupee’s valuation was around $100 million when it raised $10 million, led by existing investors WestCap Group and Matrix Partners India. On August 17, 2021, the online gaming firms has grown 5x times after closing the Series B financing event of $30 million, WestCap Group and Tomales Bay Capital.
Zupee has raised $49 million to date in the different funding rounds and is supported by global investors like Smile Group and Orios Partners.
The gaming platform will utilize the current funding for marketing, product enhancement, and hiring global talent.
Founded in 2018, Zupee offers skill enhancement games on its platform. Trivia quiz tournaments are one of the most crowd-pulling games on Zupee’s digital platform. It has recorded over 250 million gameplays to date, as per the company’s claim.
Talking about Zupee’s innovative games and the investors’ overwhelming support, Dilsher Singh, founder, and chief executive officer of Zupee said, “We are innovating to ensure our games provide an intersection between skill and entertainment, enabling our users to earn while they play. We thank our investors for believing in our purpose and enabling us to progress on our journey to transform it into reality. Our journey has just begun.”
Zupee’s Growth and Online Gaming Industry Status
Currently, Zupee has a huge fan base of 10 million. Current funding and the online gaming market growth globally will help the startup to grow further.
As per the KPMG’s current report, the Indian online sports industry is expected to record 113% growth to ₹290 billion by FY2025 from ₹136 billion (roughly $1.83 billion) in FY21. The report also suggested that the Indian gaming market’s user base will grow from 433 million to 657 million by 2025.
As per the online gaming industry report, the market recorded 53 billion mobile gaming downloads globally in 2020. India has a share of 17% in those downloads, as per industry estimates. By the end of 2021, there will be 2.9 billion online gaming players worldwide, according to estimates.
WestCap, the early and the major investor of Zupee, is very much satisfied with Zupee’s growth and the future of the gaming industry. Laurence A. Tosi, founder, and managing partner of WestCap said, “WestCap remains a key strategic investor and operating advisor to Zupee and we are increasing our interest again as part of this most recent funding round. This funding will enable the Zupee team to invest further in innovation, expand its suite of games, and aggressively pursue international expansion. The company has exponentially accelerated its growth over the last 12 months.”