Games24x7 raises $75 million

New Delhi: Gaming platform Games24x7 on Wednesday said it has raised USD 75 million (nearly Rs 570 crore) in funding led by Malabar Investments.

Existing investors Tiger Global and Raine Group also participated in the latest funding round, the company said in a statement.

The funds will be used to accelerate user growth, content development and technological capabilities, it added.

"This investment is a testimony not only to Games24x7's performance, but also to India's immense potential as an online skill gaming market," Games24x7 Co-Founder and Co-CEO Trivikraman Thampy said.

About the investment in the company, Malabar Investments Managing Director Sumeet Nagar said, "Games24x7 is a pioneer in the fast-growing online gaming industry in India and has built a highly profitable business with outstanding acquisition and retention metrics. Not only that, they have continuously improved on these metrics at a great scale, which we believe is quite a remarkable feat." Games24x7 offers a variety of gaming platforms including RummyCircle, My11Circle and U Games. It claims to have more than 100 million users.

Raine Group Partner & Co-Founder John Salter said the company strongly believes in the potential of India's gaming market.

"We are committed in our partnership with Games24x7 as it continues to drive innovation as a leader in the online gaming industry, delivering immersive game playing experiences to the Indian user across categories and formats," Salter added.