Backed by Matrix Partners India, skills-based online gaming platform Zupee has raised $10 million funding in a second-round which was led by WestCap Group, a US-based growth equity firm. The existing investment partner Matrix Partners India also took part in it.
With this second round of funding by existing investors, Zupee has managed to raise a total of $19 million, as the firm had received funding of $8 million in April 2020. The firm that runs live quiz tournaments on its app where the users can win cash prizes has other investors like Smile Group, Venture Partners, Orios, and Falcon Edge Capital among its investors.
Founded in 2018, by IIT Kanpur graduates, Siddhant Saurabh and Dilsher Singh Malhi, Zupee offers more than 2,000 live quiz-tournaments on a diverse range of topics that includes sports, movies, mathematics, spellings, and general interest topics on their smartphones.
Following the latest round of funding, Zupee plans to use the funds to expand its market reach, scale its platform, build a stronger team, and provide an improved user experience. The company is also planning to launch its product in several other languages in the future.
"We have driven an exponential month-on-month growth this year. This fresh round of funding enables us to accelerate our scaling efforts,” said CEO and co-founder Dilsher Singh Malhi.
"The year of 2020 witnessed the rise of online gaming truly in India at a great momentum, and Zupee's accelerated growth is a clear testament to the growing trend," Tarun Davda, managing director at Matrix India, said.
Despite an uncertain regulatory landscape in India, the skill-based gaming segment has attracted a lot of funding in India. In the past couple of years, online gaming platforms like Mobile Premier League, Dream11, and Winzo gained popularity. While MPL raised $90 million led by SIG, Dream11`s valuation was raised to $2.5 billion after receiving funds from Tiger Global, Chrys Capital, FootPath Ventures, and TPG Tech Adjacencies in 2020.
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