WinZO raises $18 million in series B investment round

WinZO has announced its $18MM Series B investment round led by global interactive entertainment fund, Makers Fund based in Singapore, and New York based Courtside Ventures.  Both funds are making their investment in India through WinZO.

 WinZO co-founder Paavan Nanda, said, “With Series B funding, we are thrilled and humbled to welcome like-minded business partners into our WinZO family. Along with their network, support and fresh financing, we are confident we can propel WinZO even further as a business and become an even more lovable product for our customers. It’s time to put all the learnings and experiences of the past toward building something huge!”

WinZO plans to strengthen its content pipeline, aims to captivate mobile-first consumers and their gaming needs, and become the go-to gaming app in India. The company’s revenue has grown 1500 per cent and acquired 20mn users in the last 12 months, on the back of a strong word of mouth, product-market fit with players who spend more than 45 minutes everyday on WinZO’s platform.

Since this is Makers Fund’ first investment in India, Makers Fund partner Michael Cheung,shared, “WinZO is at the heart of India’s gaming evolution, a geography we’ve been tracking for some time. Paavan and Saumya’s success through a hyper-focus on their player ecosystem is evident, and a clear asset as they accelerate their growth.”

Kalaari Capital, which first invested in WinZO in 2018 and led the company’s Series A in 2019, also participated in the round. WinZO is Kalaari’s second largest bet in gaming after Dream11. “Mobile gaming is a large opportunity in India, and in a short span of time, WinZO has built a high quality vernacular gaming platform for the masses. We are really proud of their progress & their superior metrics (retention, time spent, etc.) that are a true reflection of customer experience. We are very excited to partner with Makers and Courtside in the next leg of WinZO’s journey and bring superior entertainment to the next 200M gamers,” said Rahul Garg, Principal at Kalaari Capital.

Revant Bhate, FinAdvantage, Indigo Edge -exclusive advisor to WinZO, and Co-founder Paavan Nanda and Saumya Singh Rathore also joined the round