BackGames24x7 valued at $2.5 billion after $75 million fresh funding
The funds will be used to accelerate user growth, content development and technological capabilities.
PremiumGaming platform Games24x7 has raised nearly $75 million, valuing the company at $2.5 billion, from TigerGlobal and others. The latest funding was led by Malabar Investments, which also the saw the participation of existing investors Tiger Global and Raine Group.
The funds will be used to accelerate user growth, content development and technological capabilities.
Games24x7 said it is most valuable multi-game platform post the funding round
"This investment is a testimony not only to Games24x7's performance, but also to India's immense potential as an online skill gaming market," Games24x7 Co-Founder and Co-CEO Trivikraman Thampy said.
About the investment in the company, Malabar Investments Managing Director Sumeet Nagar said, "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."
Games24x7 offers a variety of gaming platforms including RummyCircle, My11Circle and U Games. It claims to have more than 100 million users. Most of its revenue is earned from the RummyCircle and fantasy play My11Circle.
Raine Group Partner & Co-Founder John Salter said the company strongly believes in the potential of India's gaming market.
"We are committed in our partnership with Games24x7 as it continues to drive innovation as a leader in the online gaming industry, delivering immersive game playing experiences to the Indian user across categories and formats," Salter added.
In FY21, the company's total income stood at $173 million. Its profit after tax during this period stood at $50.5 million, according to data sourced by intelligence platform Tofler.
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