Gaming platform

Games24x7 gaming platform raises $75 million

Gaming platform Games24x7 announced on Wednesday that it has raised $75 million (nearly Rs 570 crore) in funding led by Malabar Investments. Existing investors Tiger Global and Raine Group also participated in the latest funding round, the company said in a statement.

The funds will be used to accelerate user growth, content development and technology capabilities, he added. “This investment is a testament not only to Games24x7’s performance, but also to India’s immense potential as a market for online skill games,” said Games24x7 co-founder and co-CEO Trivikraman Thampy. .

Commenting on the investment in the company, Managing Director of Malabar Investments, Sumeet Nagar said, “Games24x7 is a pioneer in India’s fast-growing online gaming industry and has built a highly profitable business with exceptional acquisition and retention metrics. Not only that, they have continuously improved these metrics at scale, which we think is a pretty remarkable feat.”

Games24x7 offers a variety of gaming platforms including RummyCircle, My11Circle, and U Games. It claims to have over 100 million users.

Raine Group partner and co-founder John Salter said the company strongly believes in the potential of the Indian games market. “We are committed to our partnership with Games24x7 as it continues to drive innovation as the leader in the online gaming industry, delivering immersive gaming experiences to the Indian user across all categories and formats” , added Salter.

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