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Games24x7 is the latest to enter the unicorn club, raises $75 mn

Games24x7 is the latest to enter the unicorn club, raises $75 mn

The funding round was led by Malabar Investments and also saw the participation of the company's existing investors Tiger Global and Raine Group.

Multi-game platform  Games24x7 has raised 75 million at a $2.5 billion valuation Multi-game platform Games24x7 has raised 75 million at a $2.5 billion valuation

Multi-game platform Games24x7 is the latest entrant to the unicorn club. The company has raised $75 million at a $2.5 billion valuation, in a funding round led by Malabar Investments. The round also saw the participation of the company's existing investors Tiger Global and Raine Group. Tiger had earlier invested in the company in 2011 and 2012 and Raine did their first round of investment in 2019.

Games24x7 is the third gaming start-up after Dream 11 and Mobile Premier League to achieve a billion-dollar valuation at a time when the e-gaming sector has received aggressive funding from both global as well as homegrown investors.

Founded in 2006 by Trivikraman Thampy, an engineering alumnus of IIT Bombay, and Bhavin Pandya, an engineering alumnus of Purdue University, Games24x7 is headquartered in Mumbai with offices in Bengaluru, New Delhi, Miami and Philadelphia. The company’s offerings include RummyCircle, which is online rummy game, My11Circle (a fantasy platform) and U Games (a portfolio of casual games).

Over the years, the company has established a reputation for innovation, personalisation of player experience and for its data science and AI prowess. Today it has more than 100 million users and is regarded as one of the fastest growing online gaming companies in India, the company claimed.

“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,” co-founder Thampy said.

The gaming firm claimed that this is the first major investment in India’s online skill gaming sector after the Union Government announced setting up of the AVGC (Animation, Visuals, Gaming and Comics) task force, in the last Budget.

Notably, the gaming start-ups have also been under the strict vigilance from various state governments after the online gambling ban in some states.

“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,” said Sumeet Nagar, managing director, Malabar Investments.