Games24x7, a multi-gaming platform, revealed on Wednesday that it had raised $75 million. According to the company’s website, Rummy Circle is a tremendously popular game with over 30 million players.
Malabar Investment led the round, which also included existing investors such as Tiger Global and Raine Group. Tiger has already invested in the company in 2011 and 2012, with Raine following suit in 2019.
In 2022, the company has raised further financing at a valuation of $2.5 billion, making it the 14th unicorn. While Rummy Circle accounts for the majority of Games 24-7’s business, the company also has a casual gaming portfolio. My11Circle, a fantasy sports website, is also run by the company.
While the firm’s rummy and fantasy sports services entail spending real money for uncertain prizes, Indian law does not consider these activities to be gambling, with judges consistently holding that games that require participants to use their ability cannot be classified as such. (The announcement from Games 24/7 refers to “skill gaming.”
According to Games 24-7, its platform has a total of 100 million users. Its platforms are affiliated with the Federation of Indian Fantasy Sports and the E-Gaming Federation, two self-regulatory organizations that have pushed for looser laws in the booming online gambling industry. Games24x7 has become the industry’s third unicorn and second most valuable startup. Dream11’s parent company, Dream Capital, had just completed a round of funding.
Published by: Shivani Bhalke
Edited by: Subbuthai Padma