Indian Economy News

Zupee raises US$ 8 million in Series A funding led by Matrix Partners

  • IBEF
  • April 9, 2020

Online gaming company Zupee has raised US$ 8 million in a Series A funding round.

The investment round was led by Matrix Partners India along with participation from Falcon Edge Capital, WestCap Group, Orios Venture Partners and Smile Group, which was Zupee’s early stage investor.

Zupee was founded by two IIT Kanpur graduates and runs live quiz tournaments on its app, allowing the users to compete with others for prizes.

There are more than 2,000 live quiz tournaments running on the app through the day every day, covering over 100 topics that range from Bollywood, Hollywood, and Sports to Maths, Spelling, and Hinglish among others.

In India, the online gaming market is increasing at 40 per cent annually and is expected to reach US$ 14 billion in India by 2025.

“Our strong growth in last year has reaffirmed our faith in building a gaming app that combines people’s love for trivia and quizzes with a chance to win real money. This is why we are thrilled to welcome marquee names like Matrix, Falcon Edge, WestCap and Orios as new investors in Zupee. We at Zupee are geared to serve 100 million users and be a leader in skill-based gaming in India. We will be using the capital raised from this round to invest deeper in technology, team and marketing," said Mr Dilsher Singh Malhi, chief executive of Zupee.

Zupee had raised US$ 1 million in seed funding from Smile Group, which incubated the start-up last year.

“Zupee has built a truly unique mobile-gaming product that allows players to showcase their knowledge, while at the same time tap into their intrinsic need to compete with their friends and other gamers. India leads the world in mobile game downloads with more than 5B downloads in 2019. Zupee’s strong growth in users and total game play is a testament to the potential of the platform," said Mr Tarun Davda, Managing Director, Matrix India.

As of April 1, 2020, the Zupee app had over 5 million downloads, and has clocked over 10 million game plays in a month and is available in both english as well as hindi languages.

 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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