Skill Based Gaming Company Zupee founded by IIT Kanpur Graduates Dilsher Singh Malhi and Siddhant Saurabh announced today that it has raised US $8 million in its Series A funding round. Matrix Partners India led this investment round with participation from Falcon Edge Capital, WestCap Group, Orios Venture Partners and Zupee’s early stage investor Smile Group.
Zupee runs live quiz tournaments on its app, in which users compete with friends and other players for prizes. The Zupee app has more than 2000 live quiz tournaments running through 24 hours every day, covering over 100 topics that range from Bollywood, Hollywood, and Sports to Maths, Spelling, and Hinglish among others.
The online gaming market is growing at 40% annually and is expected to reach a $14-billion market in India by 2025. In the last 12 months, Zupee’s growth has galloped past the industry, with the app’s user-base and GTV growing over 100 and 700 times respectively.
Dilsher Singh Malhi, CEO of Zupee said, “Our strong growth in last year has reaffirmed our faith in building a gaming app that combines people’s love for trivia and quizzes with a chance to win real money. This is why we are thrilled to welcome marquee names like Matrix, Falcon Edge, WestCap and Orios as new investors in Zupee. We at Zupee are geared to serve 100 million users and be a leader in skill based gaming in India. We will be using the capital raised from this round to invest deeper in Technology, Team and Marketing.”
“Zupee has built a truly unique mobile-gaming product that allows players to showcase their knowledge, while at the same time tap into their intrinsic need to compete with their friends and other gamers. India leads the world in mobile game downloads with more than 5B downloads in 2019. Zupee’s strong growth in users and total gameplay is a testament to the potential of the platform. We are proud to partner with Dilsher & Siddhant and look forward to supporting them as they gear up to dominate the skill-based gaming market,” said Tarun Davda, Managing Director, Matrix India.
Last year, Zupee announced that it had raised $1 million in seed funding from Smile Group, which incubated the startup. “Gaming is the future of entertainment and we were lucky to back Zupee’s extremely talented founders in our venture builder platform. Zupee has emerged as one of the leading players in skill based gaming & we remain excited to extend our platform’s support in this next phase of Zupee’s growth,” said Harish Bahl and Manish Vij, Founder and Co-founder of Smile Group in a joint statement.
The Zupee app is currently available in both English and Hindi and has over 5 million downloads as of April 1, 2020. The app sees over 10 million gameplays every month.
Zupee.com is an online skill based gaming app. Users can pick any topic ranging from movies to sports and academics. For more information, please visit https://zupee.com/