In its Series B investment round, online skill-based gaming business Zupee revealed it had raised $30 million at a pre-money valuation of $500 million. WestCap Group and Tomales Bay Capital, both of Silicon Valley, and Matrix Partners India have led this funding round.
The company’s worth has increased by more than five times since its Series A round 6 months ago, when it was valued at $25 million.
Zupee has Raised a Total of $49 Million From Leading Investors
Zupee has raised a total of $49 million from leading investors like WestCap Group, Matrix Partners India, Smile Group, and Orios Partners. Over 10 million people are now using the service provided by the company.
The proceeds from this round of fundraising will be put toward enhancing the company’s ability to scale by increasing the breadth and depth of its product offerings and marketing initiatives, as well as by recruiting top personnel from across the world.
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“Embracing individuality and praising the adventure are twin tenets of gaming. That is what I intend to create with Zupee: a platform that provides individuals all around the world with access to the kind of games that can boost their own personal well-being.
As game developers, we constantly strive to push the envelope so that our products are at the perfect crossroads of skill and fun, allowing our players to make money while they play.
We appreciate the faith of our backers, who have helped us move closer to realising our vision. Our adventure has only just begun; we’ve already reached 10 million satisfied customers in India, and there are billions more around the world whose lives we hope to improve with our ground-breaking video games “said Zupee CEO and co-founder Dilsher Singh.
Zupee was founded in 2018 by Dilsher Singh and Siddhant Saurabh, two alumni of India’s premier school of higher education, IIT Kanpur, and was incubated with funding from Smile Group. Several well-known board games have been reimagined in the company’s unique play forms. Over 250 million people have played the game on the popular app, which features live trivia quiz contests.
Laurence A. Tosi, founder and managing partner of WestCap and an early investor in Zupee, said, “WestCap is a significant strategic investor and operating advisor to Zupee, and we are growing our participation again as part of this most recent funding round.” “Dilsher and his elite team have developed several of India’s most popular and well-liked skill-based mobile games.
There is no other gaming platform that can compete with the continuing popularity of Zupee games, which provide entertainment, education, and agency to the largest possible audience.
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Final Words
The Zupee team will use the money to make more games, invest in research and development, and aggressively expand into other markets. In the past year, Zupee’s growth has skyrocketed, making it one of the world’s most prominent and rapidly expanding game publishers.”
Market research predicts that by 2030, the global online gaming market would be worth $272 billion, up from an estimated $98 billion in 2020. Over 53 billion mobile games were downloaded in 2020, with India accounting for 17 percent of that total. There will be 2.9 billion gamers throughout the globe by the end of this year.