Zupee will use the funds to expand product portfolio, deepen market reach and hire global talent
Skill-based online gaming platform Zupee has raised $30 million in a Series B funding round, led by WestCap Group and Tomales Bay Capital. Other investors like Matrix Partners India and Orios Venture Partners also participated in the round. The latest funding has been raised at a valuation of $500 million. Zupee will use the funds raised to expand product portfolio, deepen its market reach and hire global talent, the company said.
In its previous funding round earlier this year, the platform raised funds in its Series A round at a $100 million valuation. It has seen more than five times increase in its valuation in six months, the company claimed in a statement. With total funds raised now at $49 million, Zupee claims to have a user base of over 10 million users.
“I am committed to building -an organisation which enables people anywhere in the world to enhance their intrinsic happiness through games. We innovate to ensure our games provide an intersection between skill and entertainment, enabling our users to earn while they play. Our journey has just begun; 10 million happy users in India, billions more globally we want to touch through our innovative games,” Dilsher Singh, founder and CEO, Zupee, said.
Zupee was founded in 2018 by Dilsher Singh and Siddhant Saurabh, and incubated with funding from Smile Group. While the platform has innovative gaming formats of multiple popular board games, it hosts live trivia quiz tournaments. It claims to have seen over 250 million gameplays.
“WestCap remains a key strategic investor and operating advisor to Zupee and we are increasing our interest again as part of this most recent funding round”, Laurence A. Tosi, founder and managing partner, WestCap. This funding will enable the Zupee team to invest further in innovation, expand its suite of games and aggressively pursue international expansion, Tosi added further.