Indian skill-based games developer Games24x7 has raised $75 million in its latest venture funding round.
The funding round was led by Malabar Investments, with further participation came from existing investors Tiger Global and Raine Group.
Founded in 2006 and based in Mumbai, Games24x7's latest round has put the company at a valuation of $2.5 billion. The studio operates a number of skills-based games, including RummyCircle, the fantasy sports title My11Circle, and more.
According to TechCrunch, although the majority of its users play My11Circle, the bulk of Games24x7's revenue is generated from RummyCircle.
The growing industry
"We are extremely happy to partner with Malabar Investment and to see Tiger Global and Raine Group continue to repose their faith in us,” said Games24x7 co-founder and chief executive Trivikraman Thampy.
"This investment is a testimony not only to Games24x7’s performance, but also to India’s immense potential as an online skill gaming market."
Malabar Investments managing director Sumeet Nagar added: "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. This speaks of the data science capabilities, the rigour, the thoughtfulness and the strive for excellence that the fantastic leadership team brings to the table."
Bangalore-based Bombay Play recently raised $7 million in a Series A round, one of the largest Series A investments to date in an Indian mobile gaming studio.