Gaming platform Zupee on Wednesday said it had raised $8 million in its Series A round of fundingled by Matrix Partners India. The funding also saw participation from Falcon Edge Capital, WestCap Group, Orios Venture Partners and Zupee’s early stage investor Smile Group.
Founded by IIT Kanpur graduates Dilsher Singh Malhi and Siddhant Saurabh, Zupee runs live quiz tournaments on its application across topics, including Bollywood, Hollywood, sports, maths and spelling. Users can participate to compete with friends and other players to win prizes.
Malhi, CEO of Zupee said, “We at Zupee are geared up 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.”
As per estimates, the online gaming market is growing at 40% annually and is expected to reach a $14-billion market in India by 2025. Tarun Davda, MD at Matrix Partners India said that India led the world in mobile game downloads with more than 5 billion downloads in 2019.
The app, which is available in both English and Hindi, has over 5 million downloads as of April 1, 2020.