Games24x7, a Mumbai-headquartered startup that owns and operates several mobile games, has raised $75 million in a new funding round at a $2.5 billion valuation, it said Wednesday.
The new round was led by Malabar Investments and included existing investors Tiger Global and Rhine Group. Games24x7 said in a statement that it is now the most valuable “multi-gaming platform” in India.
The company is known for its rummy game called RummyCircle, the fantasy platform My11Circle, and the casual games portfolio under the U Games brand. The 15-year-old company says it has over 100 million users.
“We are delighted to partner with Malabar Investments and see Tiger Global and Rhine Group rely on us. This investment is not only a testament to the achievements of Games24x7, but also to India’s huge potential as a market for online skill games,” said Trivikraman Tampi, co-founder and CEO of Games24x7.
Most of its users play fantasy sports games, but the startup gets most of its revenue from its card games.
The startup’s total revenue for the fiscal year ending last March was $173 million. According to data obtained from the Toffler analytics platform, profit after tax for this period was $50.5 million.
This is a history of development. Further…