Gaming Platform Zupee Raises $30 Million At Over $500 Million Valuation

According to industry estimates, by 2020 the industry saw over 53 billion mobile gaming downloads worldwide, of which 17% came from India. By the end of 2021, it is estimated that there will be 2.9 billion online game players worldwide. Skill-based real money gaming platform Zupee has raised $30 million as a part of its Series B funding round, which is co-led by Silicon Valley-based WestCap Group and Tomales Bay Capital. According to the company, the current funding has been raised at a valuation of $500 million, which has gone up five-fold since January this year. By early 2021, the firm has successfully raised $10million, which is led by the existing investors WestCap Group and Matrix Partners India, valued at $100 million. With the current round, Zupee has raised $49 million and received support from companies such as Smile Group and Orios partners. Zupee will use the proceeds to expand its product portfolio, raise its market reach and hire global talent. This three-year startup is an online gaming platform that provides games to develop skills. Its portfolio includes quiz tournaments, in which more than 250 million games have been played. "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 founder and CEO Dilsher Singh said. The company currently has 10 million users, and we are looking to build this number through fundraising," Singh said. According to a report by consulting major KPMG, the online gaming market is expected to grow by 113% to ₹290 billion (or roughly $3.91 billion) by 2025 from ₹136 billion (roughly $1.83 billion) in FY21. According to this report, these gaming platforms are expected to attract 657 million users during this period as opposed to 433 million today. In India, online real-money gaming startups focus on fantasy sports, rummy, and poker, which are facing challenges regarding the regulatory landscape with several states announcing blanket bans on their operations. Credits: LiveMint