Mobile gaming portal PlaySimple raises $4 million
New Delhi: Mobile gaming portal PlaySimple has raised $4 million in a series A round led by SAIF Partners and IDG Ventures India, the company said in a statement.
The Bengaluru-based company—which has two indigenously-developed games in its portfolio—will use the funds to develop new titles, expand its teams and market its brand.
It raised $500,000 in 2015 in seed funding from IDG Ventures.
PlaySimple, which calls itself a gaming studio, has a 22 people-strong workforce developing easy-to-learn games for all age groups. These games have an average session time of 15 minutes and are targeted at the global audience.
The company focuses on categories such as trivia, word and puzzle games and garners its revenue from advertising and in-application purchases.
PlaySimple has achieved break-even and aims to increase sales 10 times by the end of FY18, said co-founder Siddharth Jain. It is targeting English speakers in developed economies in North America and Europe besides Asian countries like Japan, China and Korea.
Typically, all or most of its revenue goes into marketing and meeting working capital requirements.
Started in 2014 by former executives from Zynga, a US-based social gaming company, PlaySimple focused on a global user base and mobile as its sole platform when others at that time were creating desktop-based online games for Indian users, according to Jain.
Playsimple games are designed to be played when one is travelling or waiting. The company is banking on government’s smartphone- and Internet-proliferation initiatives for its growth in India.
According to Jain, out of the $100 billion global games market, the market for mobile games is worth $40 billion.