Zupee is raising $10 million in funding from Matrix Partners India India, WestCap
In a funding round led by the US-based growth equity company WestCap Group and established investor Matrix Partners India, Skills-based online gaming platform Zupee raised $10 million.
With this, Zupee has now raised $19 million in total, including $8 million in April 2020 funding. Among its investors, the online gaming platform comprises Smile Party, Orios Venture Partners, and Falcon Edge Capital.
In order to extend its market scope, scale up its network, boost customer experience and enhance its team, Zupee plans to use the latest funding. In the future, CEO Dilsher Singh Malhi told ETtech, the company plans to sell its product in many local languages as well.
Founded in 2018 by Malhi and Siddhant Saurabh, Zupee enables users to play live quiz tournaments on their smartphones across a variety of subjects, including movies, sports, spelling, math, and general interest topics.
This year we have powered an exponential growth month-on-month. This new funding round helps us to double our efforts at scaling,” Malhi said.”
To date, the start-up claims to have disbursed winnings of over Rs 10 crore to more than 0.5 million users. It claims to have on its platform more than 2,000 live quizzes.
“2020 witnessed online gaming truly explode in India, and Zupee’s accelerated growth during the year is a clear testament to this surge,” said Tarun Davda, managing director of Matrix India.
In India, facing an unpredictable regulatory environment, the skill-based gaming segment has attracted substantial funding over the past year. In a round led by SIG Global and RTP Global, the Mobile Premier League (MPL) bagged $90 million, while Winzo landed $18 million in funding led by Makers Fund and Cour.