Zupee, a prominent company in skill-based gaming, recently announced to have raised USD 30 million at a valuation of USD 500 million during a Series B funding round. Tomales Bay Capital and Silicon Valley-based WestCap Group co-led the recent fundraising.
The latest raise took place within 6 months following its Series A round at a USD 100 million valuation, which is over a 5x increase in the company’s value. The new funds will be utilized to allow scaling efforts through product portfolio expansion, amplifying market reach, and employing global talent.
Founder and CEO of Zupee, Dilsher Singh, mentioned that games celebrate the journey and foster self-expression. He added that he is committed to building with an organization that allows people around the world to boost their happiness through games.
The CEO further stated that they innovate to ensure their games offer a confluence between skill and entertainment, allowing their users to earn while playing. Their journey has just started with 10 million happy users in India and aims to reach billions more worldwide through innovative games.
Zupee was formed by Dilsher Singh and Siddhant Saurabh, IIT-Kanpur graduates, in 2018, with funding from Smile Group. The company innovates by reengineering time-tested games and allowing them to boost skills, happiness, and hope.
Zupee’s portfolio has innovative gaming formats of various popular board games. The gaming app presents live trivia quiz contests and has seen more than 250 million gameplays.
With total funding raised now at USD 49 million, Zupee is supported by investors like WestCap Group, Smile Group, Matrix Partners, and Orios Partners. The company has an existing user base of around 10 million users.
As per experts, the worldwide online gaming industry is anticipated to expand from USD 98 billion in 2020 to USD 272 billion in 2030. The industry witnessed around 53 billion mobile gaming downloads globally in 2020, of which 17% were from India.
By this year-end, there will be around 2.9 billion players globally. Zuppe’s continued efforts in innovative games will certainly help it grow in this thriving market.
Source Credits –