Mumbai-based online gaming platform Games24x7 announced the launch of a ₹400 crore (roughly $48.37M USD) investment fund called Games24x7 Ventures. The fund will be used to help startups in India in various sectors including online gaming, content creation, sports technology, esports, blockchain technology, web3, and more over the next five years. Each company selected by the fund could receive as much as ₹25 crore ($3M) over a five year period, though the company did note that candidates will likely have deep synergies with Games24x7’s core business model. In addition to funding, Games24x7 Ventures will provide expertise and mentoring where needed.
Games24x7 is a privately owned company that focuses on casual online gaming through platforms such as My11Circle and RummyCircle. The company has raised $75M to-date and is backed by Malabar Investment Advisors, Tiger Global Management, The Raine Group, and Das & Co. In its most recent funding round in March led by Malabar Investment, the company was valued at $2.5B.
