Pune: Gaming platform Zupee, a leading innovator in India’s online skill-based gaming industry, has announced that it has raised $30 million at a pre-money valuation of $500 million in Series B funding round.
This round of funding has been co-led by Silicon Valley based WestCap Group and Tomales Bay Capital, with participation from Matrix Partners India and Orios Venture Partners.
This round comes within 6 months after its Series A round at a $100 million valuation, which is more than 5x increase in the valuation of gaming platform Zupee.
With total funds raised now at $49 million, Zupee is backed by some of the best in the industry – WestCap Group, Matrix Partners India, Smile Group and Orios Partners.
The company has an existing user base of over 10 million users. This new round of funding will be used to enable scaling efforts through expanded product portfolio, deepening market reach and hiring global talent.
Founded in 2018 by graduates of India’s leading institution IIT Kanpur, Dilsher Singh and Siddhant Saurabh, and incubated with funding from Smile Group, Zupee innovates by reengineering time-tested games and enabling them to enhance skill, joy and hope. The company’s portfolio has innovative gaming formats of multiple popular board games. The flagship gaming app hosts live trivia quiz tournaments and has seen over 250 million gameplays.
According to industry reports, the global online gaming industry is estimated to grow from $98 billion in 2020 to $272 billion in 2030. In 2020, the industry saw over 53 billion mobile gaming downloads worldwide, of which 17 per cent came from India. By the end of this year itself, there will be 2.9 billion players worldwide.