Online gaming platform Pocket52 raises $1.75 million in funding from Gameskraft2 min read . Updated: 02 Jun 2020, 06:07 PM IST
- Pocket52 is an online poker playing platform which also helps other online gaming firms integrate with its plug and play, and launch online poker gaming as an offering on their respective platforms
BENGALURU: Online gaming startup Pocket52 has raised $1.75 million, as part of its Series A funding, from game publisher Gameskraft.
Pocket52 will use the funds to enhance its technology framework, expand user base, and scale business operations as it looks to add more clients.
Launched in 2018 by serial entrepreneurs, Nitesh Salvi, Saurav Suman, Debashish Bhattacharjee and Satyam Verma, Pocket52 is an online poker playing platform which also helps other online gaming firms integrate with its plug and play, and launch online poker gaming as an offering on their respective platforms.
It also aggregates customers from all platforms, pools and enables them to play together real-time irrespective of where they are logged in from. Through these set of offerings, the startup aims to help online gaming companies reduce their depositor and engagement costs and improve revenues.
“With Gameskraft on board as the lead investor, Pocket52 now has the additional operational, technological, and commercial flexibility to develop innovative and exciting new partnerships and offer a broader customer choice," said Nitesh Salvi, CEO and co-founder of Pocket52.
The company also plans to aggressively add more gaming platforms to its poker network, which currently consists of partners, including the likes of Mobile Premier League (MPL) Nostragamus, as well as Calling Station.
The company claims to have close to 100,000 monthly active users playing poker on its platform. Of this, Pocket52 says, 70% are repeat customers, while the rest are new customers acquired by the startup every month.
It also said that it has grown its user base 5 times in the last three months amid the covid-19 crisis.
"With the skill-based Real Money Gaming (RMG) space in India gaining whirlwind momentum especially in online poker, we are positive about our association with Pocket52. We are confident that the future holds huge growth potential as the concept of shared liquidity pool is introduced in this market," said Ramesh Prabhu, CFO of Gameskraft.
The startup is in discussions to close another $10 million of institutional funding in the next three to six months and plans to build newer gaming offerings including Rummy on its platform.
Even as it provides its ready to plug-in solution to other online gaming firms, Pocket52 garners 70% of its business from its direct-to-consumer online gaming offerings.
Pocket52 currently is also looking to expand its presence internationally.
The startup closed its first angel round in 2018 and raised $600,000 in funding, led by Speciale Invest and marquee poker players Abhigya Sagar, along with slew of individual investors.