Led by Malabar Investment, Games24x7 raises $75 million

Games24x7 has raised $75 million in a recent funding round, led by Malabar Investment. The funding round also included participation by existing investors Tiger Global and Raine Group. Tiger had earlier  invested in the company in 2011 and 2012 and Raine did their first round of investment in 2019.  

Speaking on the latest round of investment, co-founder and co-CEO Trivikraman Thampy said, “We are extremely happy to partner with Malabar Investment and to see Tiger  Global and Raine Group continue to repose their faith in us. This investment is a testimony  not only to Games24x7’s performance, but also to India’s immense potential as an online skill  gaming market.” 

Malabar Investments MD 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. This speaks of the data science capabilities, the rigour, the thoughtfulness and the strive for excellence that the fantastic leadership team brings to the table. We are excited to partner with Games24x7 on its growth journey ahead.” 

The Raine Group partner and co-founder John Salter said, “We are strong believers in the  potential of India’s gaming market and are very excited to be a part of Games24x7’s journey, both as an investor and as a trusted advisor. 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.” The Raine Group was the financial advisor to Games24x7 for this round.

With favourable demographics, increasing internet penetration and a burgeoning economy,  India is ideally suited for growth as an online skill gaming hub. This is also reflected in the  overt support that the sector has received of late from the Union government. 

Co-founder and co-CEO Bhavin Pandya said, “This investment round feels particularly  special, when the sentiment around growth stocks, especially in the new age sector has been  sluggish. It reaffirms the importance of building a business on strong fundamentals. The latest  investment round and the validation it brings for the gaming sector, is our humble tribute to PM Narendra Modi’s remarkable vision of making India, a global  gaming hub. Guided by his vision, we will continue to innovate, introduce new games, and in  our modest way, contribute toward India’s onward march as a global tech power.” 

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