Samreen Ahmad · · 1 min readTiger Global-backed gaming startup joins 🦄 club after $75m round
Games24x7, an India-based multigame platform, has secured US$75 million in a round led by Malabar Investment. A source close to the development said that the startup’s valuation now stands at US$2.5 billion, making it India’s newest unicorn.
Existing backers like Tiger Global, which had invested in the company in 2011 and 2012, and Raine Group also participated in the fundraise.
Photo credit: Games24x7
Founded in 2006 by Trivikraman Thampy and Bhavin Pandya, Games24x7 offers titles like RummyCircle, My11Circle, and U Games and says it has over 100 million users.
The startup will use the fresh funding to accelerate its user growth and content development as well as to strengthen its technological capabilities.
According to a report, the Indian online gaming industry is expected to reach US$2 billion by 2022.
See also: After $1.5b IPO, Bukalapak explores new frontier: gaming
Editing by Eileen C. Ang
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