On Tuesday, online skill-based gaming platform Zupee said it had raised $30 million in fresh funding to take its market valuation to $500 million.
Dilsher Singh, Founder, and CEO of Zupee told IANS that the funds would be utilized to boost its global footprint, innovate and expand its suite of games.
“The Indian startup ecosystem is going through a great phase and this momentum is here to stay. At Zupee, we always believed in delivering great user experiences and with this new funding round, we will not only innovate further on our gaming offerings but also aggressively pursue international expansion,” Singh elaborated.
The Series B funding round was co-led by Silicon Valley-based WestCap Group and Tomales Bay Capital, with participation from Matrix Partners India.
This round comes within six months after its Series A round at a $100 million valuation, which is more than a 5 times increase in the company’s valuation.
“Our journey has just begun. With 10 million happy users in India, we want to touch billions more globally through our innovative games,” Singh added.
Founded in 2018 by IIT Kanpur graduate Singh and Siddhant Saurabh, Zupee innovates by reengineering time-tested games and enabling them to enhance skill, joy, and hope.
The company’s portfolio 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.
“The enduring appeal of the Zupee games brings engagement, enjoyment and empowerment to the widest audience of any gaming platform in the market. This funding will enable the Zupee team to invest further in innovation,” said Laurence A Tosi, Founder and Managing Partner of WestCap and early investor in Zupee.