Tiger Global-backed Games24x7 launches Rs 400 crore to back early-stage startups
- ByStartupStory | November 1, 2022
Tuesday saw the establishment of Games24x7 Ventures, an investment arm of the online gaming company Games24x7, which will make investments in early-stage entrepreneurs in India working in the interactive entertainment and technology sectors.
Games24x7 Ventures will invest in and support startups in industries like online gaming, digital marketing, digital content, sports technology, eSports, blockchain technology, and analytics, among others, with a corpus of over Rs 400 crore to be allocated over the next five years, the company said in a statement.
We think we are in a great position to provide early-stage businesses with more than simply financial help. Trivikraman Thampy, co-founder and co-CEO of Games24x7, said that his company’s return on investment-focused mindset, intense customer focus, and scientific operating methodology of scaling topline while maintaining sound unit economics would be very helpful in working with founders to create hypergrowth businesses that would last.
Games24x7, which became a unicorn earlier this year, would use the cash to work with start-ups that complement its primary business sectors, the startup stated.The parent firm of gaming sites including My11Circle, one of the biggest fantasy sites in the nation, and RummyCircle, one of India’s biggest online rummy sites, is Games24x7 Pvt Ltd. It was established in 2006 by Bhavin Pandya and Thampy, both engineering graduates of Purdue University and IIT Bombay, respectively.
Investors like Tiger Global Management and Raine Group support the business. Games24X7 was valued at $2.5 billion in March after raising $75 million in a round of fundraising coordinated by Malabar Investment.The project from the Mumbai-based company also intends to provide more than just financial support. It will offer direction and mentoring to start-ups in the early stages.
Rahul Tewari, chief financial officer of Games24x7, continued, “As a highly strategic venture capital partner, we bring in a unique blend of access to patient capital along with strategic value additions in areas like product development, data science, marketing automation, and user growth and monetization.
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