Hyderabad: Zupee, a Gurugram-based skill-based mobile gaming platform, has raised an additional capital of $10 million, taking its total fund-raising to $19 million to date. This latest round is led by US growth equity firm WestCap Group, with participation from existing investor Matrix Partners India.
This is the second round of funding secured by Zupee within the last 12 months, with the first being $8 million raised in April 2020. This new capital will go towards further scaling up the venture, expanding market reach, enhancing user penetration for Zupee's platform, and focusing on delivering an exceptional user experience.
Founded in 2018 by IIT-Kanpur graduates, Dilsher Singh Malhi and Siddhant Saurabh, Zupee enables users to play live quiz tournaments on their smartphone devices. Zupee Gold has over 2,000 live quizzes covering a broad range of topics from spellings, movies, slang and general interest topics.
"We have driven exponential month-on-month growth this year. This fresh round of funding enables us to double down on our scaling efforts," Dilsher Singh, Founder and CEO of Zupee, said in a statement on Monday.
India leads the world in mobile game downloads with more than 5 billion downloads in 2019. The online gaming market is growing at 40 per cent annually and is expected to reach $14 billion in India by 2025. "2020 witnessed online gaming truly explode in India, and Zupee's accelerated growth during the year is a clear testament to this surge," said Tarun Davda, Managing Director, Matrix India.
