Dilsher Singh, Founder and CEO, Zupee is a happy man. After all, his Delhi-NCR headquartered gaming company has announced that it has raised USD 30 million at a pre-money valuation of USD 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, with participation from Matrix Partners India. This round comes within six months after its Series A round at a USD 100 million valuation, which is more than 5x increase in the company’s valuation.
With total funds raised now at USD 49 million, Zupee has an existing user base of over 10 million users. This new round of funding will be used to enable scaling efforts through expanded product portfolio, deepening market reach and hiring global talent.
"Games inherently celebrate the journey and nurture selfexpression. That's what Siddhant and I committed to build with Zupee - an organisation which enables people anywhere in the world to enhance their intrinsic happiness through games," asserts Singh who founded the company in 2018 with his IIT-Kanpur batchmate Siddhant Sourabh.
Zupee innovates by re-engineering 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.
"We innovate to ensure our games provide an intersection between skill and entertainment, enabling our users to earn while they play. We thank our investors for believing in our purpose and enabling us to progress on our journey to transforming it to reality," remarks Singh, adding, "Our journey has just begun; 10 million happy users in India, billions more globally we want to touch through our innovative games."
According to industry reports, the global online gaming industry is estimated to grow from USD 98 billion in 2020 to USD 272 billion in 2030. In 2020, the industry saw over 53 billion mobile gaming downloads worldwide, of which 17 per cent came from India. By the end of this year itself, there will be 2.9 billion players worldwide.