Mumbai-based mobile game studio Games24x7, raised $75 million in its latest investment round. This latest round of investment has increased the company’s valuation to $2.5 billion.
Games24x7 was founded in 2006 and is known for its skill-based mobile casual games such as fantasy sports platform My11Circle and RummyCircle, which it operates under the U Games brand.
The majority of the studio’s 100 million users come from My11Circle, although a higher proportion of its revenue is provided by RummyCircle.
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“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.”
Trivikraman Thampy, co-founder and CEO of Games24x7
In the same week, Bangalore-based mobile game company Bombay Play raised $7.5 million in its initial funding to further expand its hyper-casual game offerings.
