Games24x7 becomes unicorn after raising $75Mn

Multi gaming platform Games24x7 has raised $75 million led by Malabar Investment at a valuation of $2.5 billion, making it the 14th unicorn in 2022. The round also included participation by existing investors like Tiger Global and Raine Group.

The firm develops RummyCircle, a hugely popular game with over 30 million players as well as My11Circle, a fantasy sports website. It also maintains U Games, a portfolio of casual games. Games24x7 is the third gaming start-up after Dream 11 and Mobile Premier League to achieve a billion-dollar valuation.

Games24x7 is headquartered in Mumbai with offices in Bengaluru, New Delhi, Miami and Philadelphia. The company claims to have more than 100 million users and is regarded as one of the fastest growing online gaming companies in India.

The gaming firm claimed that this is the first major investment in India’s online skill gaming sector after the Union Government announced setting up of the AVGC (Animation, Visuals, Gaming and Comics) task force, in the last Budget.

Co-Founder Trivikraman Thampy, an engineering alumnus of IIT Bombay, said, “We are extremely happy to partner with Malabar Investment and to see Tiger Global and Raine Group continue to repose their faith in us. This investment is a testimony not only to Games24x7’s performance, but also to India’s immense potential as an online skill gaming market.”