Games24x7 raises $75 mn from Tiger Global, others at $2.5-bn valuation

Mumbai-headquartered firm owns popular gaming platforms such as RummyCircle (India's largest online rummy game), My11Circle and U Games

Gaming platform Games24x7 has raised $75 million in a recent funding round, led by Malabar Investment, taking the valuation to $2.5 billion. This will now be India’s most valuable multi-gaming platform.

The latest funding round included participation by existing investors Tiger Global and Raine Group.
 

Tiger had earlier invested in the company in 2011 and 2012 and Raine did their first round of investment in 2019.

Games24x7 owns popular gaming platforms such as RummyCircle (India’s largest online rummy game), My11Circle (India’s second largest fantasy platform) and U Games (a portfolio of casual games). 
 

Mumbai-headquartered Games24x7 has offices in Bengaluru, New Delhi, Miami, and Philadelphia.

Bhavin Pandya, co-founder and co-chief executive officer (CEO) said: “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 investment and the validation it brings for the gaming sector is our humble tribute to Prime Minister Shri Narendra Modi’s remarkable vision of making India a global gaming hub.”

The company has more than 100 million users and is regarded as one of the fastest-growing online gaming companies in India.

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.”
 

Sumeet Nagar, managing director at Malabar Investments, said the firm is excited to partner with Games24x7 on its growth journey ahead.

John Salter, partner & co-founder, The Raine Group, said: “We are strong believers in the potential of India’s gaming market and are very excited to be a part of Games24x7's journey, both as an investor and as a trusted advisor.” The Raine Group was the financial advisor to Games24x7 for this round.