PE Fund Investments
Games24x7 raises $75-M from Malabar India Fund, Tiger Global; turns unicorn
Mumbai-headquartered gaming startup Games24x7 (formerly rummycircle.com) is raising USD 75 million in a funding round led by Malabar India Fund at USD 2.5 billion valuation. The participants in the round include its existing investor Tiger Global. The startup will receive the investment in two tranches. In the first tranche, it will be receiving USD 32 million (INR 248.8 crore) and the rest will be received in the second tranche from the same clutch of investors. Games24x7 is allotting 4,119 Series B2 compulsory convertible preference shares to these investors. With this investment, the firm's valuation is reported to have gone up by 3.6X from USD 692 Mn in June last year to USD 2.5 Billion, making it an entrant into the unicorn club. The new funding round comes almost a year after it had raised USD 18 million from Frederick Emmer Pollock, Jonathan Sawyer, among others. The startup is also backed by The Raine Group. Founded by Bhavin Pandya and Trivikraman Thampy in 2006, Games24x7 houses popular brands such as – RummyCircle, an online card game; My11 Circle - a sports fantasy game and U Games – a hub for casual games. In FY21, the startup posted a total income of INR 1,573 crore, a 19.8% rise from INR 1,312.6 crore in FY20.
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