Multi game platform Games24x7 has become the latest Indian startup to enter the unicorn club after raising $75 million at a valuation of $2.5 billion, per an announcement on Wednesday.
Unicorn is a moniker used for privately-held companies valued at $1 billion and above.
Trivikraman Thampy, co-Founder, and co-CEO, said, “This investment is a testimony not only to Games24x7’s performance but also to India’s immense potential as an online skill gaming market.”
“This investment round feels particularly special, when the sentiment around growth stocks, especially in the new age sector has been sluggish. It reaffirms the importance of building a business on strong fundamentals. The latest investment round and the validation it brings for the gaming sector, is our humble tribute to Prime Minister Narendra Modi’s remarkable vision of making India, a global gaming hub. Guided by his vision, we will continue to innovate, introduce new games, and in our modest way, contribute toward India’s onward march as a global tech power,” added Bhavin Pandya, co- founder, and co-CEO.
Founded by Trivikraman Thampy and Bhavin Pandya in 2006, Games24x7 claims that it has more than 100 million users. Some of its offerings include RummyCircle (online rummy game), My11Circle (fantasy gaming platform), and U Games (a portfolio of casual games).
Sumeet Nagar, managing director, Malabar Investments, said, “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.”