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Thursday, December 8, 2022

Games24x7 to invest Rs 400 crore in digital marketing, gaming, other startups

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Games24x7 has launched a new investment arm. Games24x7 Ventures will invest in and back new businesses in sectors including digital marketing, online gaming, and others.

Games24x7 Ventures was founded on Tuesday as an investing arm of the online gaming company Games24x7. It would invest in early-stage entrepreneurs in the interactive entertainment and technology industries in India.

Games24x7 Ventures will invest in and help businesses in fields such as online gaming and digital marketing. The business stated in a statement that over Rs 400 crore will be allocated over the next five years.

Trivikraman Thampy, co-founder and co-CEO of Games24x7, said, “We think we are in a wonderful position to support early-stage firms with more than just financial help.”

According to Trivikrama,  Games24x7’s return on investment-focused approach, intense customer focus, and scientific operational methodology of increasing topline while preserving good unit economics would be highly beneficial in working with entrepreneurs to establish hypergrowth enterprises that would persist.

Games24x7, which became a unicorn earlier this year, announced that it will utilize the funds to collaborate with start-ups that complement its key business areas.

Games24x7 Pvt Ltd is the parent company of gaming sites such as My11Circle, one of the largest fantasy sites in the country, and RummyCircle, one of India’s largest online rummy sites. It was founded in 2006 by Bhavin Pandya and Thampy, both Purdue University and IIT Bombay engineering grads.

Tiger Global Management and Raine Group are among the investors who back the company.

In March, Games24X7 was valued at $2.5 billion following a $75 million funding round led by Malabar Investment. The Mumbai-based company’s idea aims to give more than simply cash assistance. It will provide early-stage start-ups with guidance and coaching.

Rahul Tewari, chief financial officer of Games24x7, said, “As a highly strategic venture capital partner, we bring in a unique blend of access to patient capital as well as strategic value additions in areas like product development, data science, marketing automation, and user growth and monetization.”

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