 "The soul of your device")
Existing investor US-based Powerhouse Ventures, TracxnLabs, Germany-based AECAL, Snapdeal chief product officer Anand Chandrasekaran, redBus founder Phanindra Sama, and JP Morgan managing director (equity capital markets) Vinay Menon also participated in the funding round.
Founded by 20-year-old Yashash Agarwal, and his elder brother Gaurav Agarwal, who worked at Bain and Company earlier, as co-founder, Gamezop aggregates short and addictive games, which can be played on a single app and removes the friction of constantly installing and uninstalling individual games. The device and operating system-agnostic app allows users to play on any smartphone, tablet, PC or Smart TV.
The seven-member-strong startup, which secured the angel funding as a part of the latest batch of tech accelerator GSF. plans to invest the funds in technology, distribution alliances and talent acquisition. GSF founder, Rajesh Sawhney, has backed the startup in his personal capacity.
According to Gamezop founder and chief executive officer Yashash Agarwal, growing at a compound annual growth rate of 135 per cent, India is one of the world's fastest-growing mobile gaming markets, which is projected to grow to $600 million by 2016.
"However, it can still be called 'untapped' by global standards. The Chinese market, at 15X our size, is massive. Super casual HTML5 gaming within messenger apps has really picked up there. We are already working on distribution alliances and will build an open platform to piggyback on existing networks," he said in a statement on Wednesday.
"India isn't a mature gaming market and most are still non-gamers who haven't used gaming consoles. Gamezop with its snackable games is a crisp offering and targets those who would use their smartphones as their first gaming device. It's a segment that is poised to grow and the founders have the requisite product expertise," said Sri Peddu, managing director of Powerhouse Ventures.
