Multi-Game Platform Gamezop Bags $4.3 Mn In Series A Round The multi-game platform received the capital infusion from BITKRAFT Ventures, Velo Partners, and FJ Labs
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Gamezop, a multi-game platform on Friday announced that it raised $4.3 million investment from BITKRAFT Ventures, Velo Partners, and FJ Labs.
Founded by brothers Yashash and Gaurav Agarwal in 2015, Advergame Technologies operates Gamezop. The gaming platform currently has over 34 million active monthly users.
The gaming platform licenses HTML5 games from top developers and embeds them in over 1,600 popular apps including Myntra, Grofers, ShareChat, MX Player, among others. This helps users of these apps to play games for cash.
In this way, Gamezop acquires a significant number of its users without spending. The partner apps see an average 40 per cent boost in engagement time through games, in addition to getting a 50 per cent share in revenue made by Gamezop.
Gamezop's partner apps can either chose mobile esports where users can play games and win a cash prize or opt for free-to-okay games where users can play games casually.
The company will use the investment to grow the mobile esports format and establish a presence in select overseas markets through its piggybacking model.
"Growth of mobile esports is truly democratising the access to competitive gaming and the ability to win real rewards. We decided to take it one notch further by going HTML5 and eliminating the need to force app sideloads – saves us a lot of money and our users a lot of friction," commented chief executive officer and co-founder, Yashash Agarwal. "BITKRAFT is the clear thought leader when it comes to esports, gaming, and immersive entertainment. They were at the top of our list when we began to look for investment partners to help us grow the business."
Commenting on the funding, Malte Barth, founding general partner, BITKRAFT said, "We have been looking to enter the Indian gaming market for a while and with Gamezop, the factors that excite us the most came together nicely – proven model ready to scale, extreme capital efficiency, solid product moat, and an unfair advantage in user acquisition. That Gamezop could scale to over 34 Mn users in a highly competitive space, while being profitable and with minimal external capital highlights the team's capabilities to be a major internet company."
Prior to this, the company had raised $350K in 2016.
Earlier in the day, online gaming platform RummyBaazi announced that it has raised $3 million through a mix of seed funding and capital infusion from its parent organization Baazi Games.