OnePlay Raises $1.8 Million Led by Baring Capital for Its Cross-Platform Cloud Gaming Platform
- ByStartupStory | March 4, 2023
Cloud gaming platform OnePlay secures $1.8M in funding round led by Baring Capital. OnePlay, a cross-platform cloud gaming platform, has raised $1.8 million in a strategic funding round with participation from Baring Capital, Inflection Point Ventures, and angel investors such as Kunal Shah of CRED, Jitendra Gupta of Jupiter, Suraj Nalin of PlaySimple Games, and Amit Shrivastav of Gupshup. OnePlay plans to use a portion of the funding to enhance its research and development efforts on hardware and video encoding and decoding technology. According to Harshit Jain, CEO and cofounder of OnePlay, the startup will use the funds to scale up its operations.
In addition to scaling its R&D efforts, OnePlay plans to use the $1.8 million in funding to expand its team and strengthen its product portfolio. The startup, which was founded in 2019 by Harshit Jain and Abhik Saha, intends to hire both senior and mid-level employees to bolster its operations. Although the platform is currently in beta, OnePlay aims to make its decentralised and open-source cloud platform available to both individual users and businesses. The startup’s revenue model is based on a subscription service, which allows users to access the platform for a fee ranging from INR 35 to INR 300. OnePlay’s platform enables users to play games without the need for a gaming rig or expensive hardware.
OnePlay’s focus is currently on a two-tier model – B2B and B2C – as it prepares for its official launch and seeks to scale its revenues, according to Jain. The B2C model involves the onboarding of GPU owners who can rent out their systems to OnePlay. The startup would then use these servers to manage system traffic and provide them to users in need. Meanwhile, on the B2B front, OnePlay is in discussions with several telecom operators worldwide for a potential partnership. The startup aims to enhance this vertical as part of its growth strategy.
OnePlay, a cloud gaming platform, is competing with both global and local players in India’s thriving gaming market, with 24,000 people already on its waiting list. The startup faces off against industry behemoths like Amazon Luna and NVIDIA GeForce Now, as well as homegrown competitors like JioGamesCloud, The Gaming Project, and Ant Play. India’s gaming market generated over $2.6 billion in revenue in 2022, and analysts predict it will reach $8.6 billion by 2027.
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