Zupee is a leading innovator in India’s online skill-based gaming industry and it just announced the raise of $30 million at a pre-money valuation of $500 million in Series B funding round. This round of funding has been co-led by Silicon Valley based WestCap Group and Tomales Bay Capital including participation from Matrix Partners India and Orios Venture Partners.
This round comes within 6 months after the previous Series A round at a $100 million valuation. This is more than 5x increase in the company’s current valuation. The company already has an existing user base of over 10 million users. This new round of funding will enable scaling efforts through expanded product portfolio, exploring market avenues and hiring global talent.
Founded in 2018 by graduates of India’s IIT Kanpur, Dilsher Singh and Siddhant Saurabh, and incubated with funding from the Smile Group, Zupee innovates by re-engineering time-tested games and enabling them to enhance basic skills, joy and hope. The company’s portfolio now has innovative gaming formats of multiple popular board games. The flagship gaming app hosts live trivia quiz tournaments and has seen over 250 million gameplays.
According to industry reports, the global online gaming industry is estimated to grow from $98 billion in 2020 to $272 billion in 2030. In 2020, the industry saw over 53 billion mobile gaming downloads worldwide, of which 17% came from India. By the end of this year itself, there will be 2.9 billion players worldwide.
