The latest investment round makes the company India’s most valuable multi-game platform at $2.5 billion.
The funding round also saw participation from existing investors Tiger Global and Raine Group. While Tiger Global had earlier invested in the company in 2011 and 2012, Raine Group did their first round of investment in 2019.
Founded by New York University-trained economists Bhavin Pandya and Trivikraman Thampy in 2006, Games24x7 was last year
mentioned in a Credit Suisse report as one of the 100 unicorns in India.
“We are extremely happy to partner with Malabar Investment and to see Tiger Global and Raine Group continue to repose their faith in us,” said Thampy, co-founder, and Co-chief executive officer, 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,” added Sumeet Nagar, MD, Malabar Investments.
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The company’s offerings include India’s largest online rummy platform RummyCircle, the second largest fantasy platform My11Circle, and a portfolio of casual games under U Games.
The Mumbai-headquartered company has offices in Bengaluru, New Delhi, Miami, and Philadelphia, has more than 100 million users, and claims to be one of the fastest growing online gaming companies in India.
Pandya, co-founder and co-chief executive officer, Games24x7, added, “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. 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.”
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