RummyBaazi Secures $3 Mn from Udtara Ventures and its Parent Baazi Games
Of the total funding, Baazi Game has set aside $1 million, while its existing investor Udtara Ventures pumped in $2 million seed capital.
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Online gaming platform RummyBaazi has raised USD 3 million through a mix of seed funding and capital infusion from its parent organization Baazi Games.
Of the total funding, Baazi Game has set aside USD 1 million, while its existing investor Udtara Ventures pumped in USD 2 million seed capital.
Before this round of funding, RummyBaazi was valued at USD 14 million, said the company.
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Delhi-based Baazi Game was founded in 2014 by Navkiran Singh with poker as the first game offering. Overtime, the company has launched two more real money games (RGMs)—fantasy sports (BalleBaazi) and rummy (RummyBaazi) in the year 2018 and 2019, respectively, to cater to the rapidly increasing appetite for online gaming.
"Baazi Games have been able to create a loyal user base by providing the most seamless and rewarding experience over the years through online poker and fantasy sports. In order to enhance the experience for our users, we expanded our product line by introducing RummyBaazi.com and through our hard work and constant endeavour we have been successful in making it one of the most rewarding online rummy platforms in the country," said Sumit Warriach, CEO, RummyBaazi.
Commenting on the same, Singh, founder and CEO, Baazi Game said "As the country is continuously increasing their consumption of online gaming, it becomes essential for platforms like RummyBaazi.com to expand their product portfolio to cater to the audience needs."
Baazi Games claims to have served over 50 lakh users so far, with RummyBaazi alone having catered to more than 5 lakh players within a year of its inception.
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"Our expanding userbase is testament to the efforts of RummyBaazi.com to provide its customers with the safest way to play. Given the scenario, we feel this is the perfect time to strengthen our game in the country and we're glad that Udtara Ventures saw potential in our ideas to scale it further," Singh added.
Earlier in 2019, Udtara capital had invested USD 2 million in Baazi Game's fantasy sports arm BalleBaazi.
"We have scaled up our investment in RummyBaazi.com. The team has been part of the Real Money Gaming space for over a decade now, and we believe that their knowledge and industry experience will help Baazi Group to emerge as a market leader with a unique position as a full-stack RMG platform. Excited, and looking forward to the amazing journey ahead of us," said Rajiv Chaurasia, Chairman, Udtara Ventures.
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With the fresh funding, RummyBaazi aims to advance its product enhancements and strengthen user's trust through its marketing strategies.