Mumbai: Online real-money gaming platform Zupee has raised $72 million as part of a larger funding round from Mumbai-based fund Nepean Capital, the company said on Wednesday.
With the fresh infusion, Zupee has closed its latest funding round totalling $102 million valuing the company at $600 million. Some of its existing investors include Orios Venture Partners and Matrix Partners India.
The company also announced a partnership with Reliance Jio Platforms, post which Zupee games will distribute its content across all customers using Jio phones. Zupee is seeking to capture the non-metro market with Reliance’s low-priced 4G and 5G handsets.
Founded in 2018 by Dilsher Singh Malhi and Siddhant Saurabh, Zupee is a mobile-based app for both Apple’s mobile operating system iOS and Google’s Android, allowing users to play quiz tournaments across a range of topics.
The company said it has registered over 70 million downloads in India and the new capital raise will help it grow its reach significantly.
The gaming platform will use the funds for developing new products, enhancing immersive design experiences, expanding into new geographies, ramping up marketing, reach, penetration, research and innovation, and hiring top talent.
Zupee’s Singh, said in a prepared statement, “Jio is the perfect partner for this journey as we look to penetrate the remotest areas of India all the way to the most disadvantaged people to bring them into the fold…”
In August, the startup raised $30 million from Silicon Valley-based WestCap Group and Tomales Bay Capital. All said, the three-year-old company has mopped up $121 million till now.
Zupee is popular for using popular games and reengineering them for mobile devices by making them competitive, engaging and entertaining.
