Mobile studio Games24x7 raises $75m
Indian developer's latest funding round earns it a new valuation of $2.5 billion
Mumbai-based mobile firm Games24x7 has raised $75 million in a recent round of funding.
The round was led by Malabar Investments, with participation from existing investors Tiger Global and Raine Group. This latest round puts the company's valuation up to $2.5 billion.
Games24x7 was founded in 2006 and is best known through its skill-based offering, including fantasy sports platform My11Circle and Rummy game RummyCircle, as well as its catalogue of casual games for mobile that it operates under the brand U Games.
According to Techcrunch, the majority of the studio's 100 million users come from My11Circle, but the higher proportion of its revenue is driven by RummyCircle.
"We are extremely happy to partner with Malabar Investment and to see Tiger Global and Raine Group continue to repose their faith in us," said Games24x7 co-founder and CEO Trivikraman Thampy. "This investment is a testimony not only to Games24x7's performance, but also to India's immense potential as an online skill gaming market."
This week, Bangalore-based mobile firm Bombay Play also raised $7.5 million in a round of Series A funding, to further expand its work in the hypersocial genre.