Online gaming company Zupee has raised $8 million in its Series A funding round led by Matrix Partners India. Falcon Edge Capital, WestCap Group, Orios Venture Partners and the startup’s early-stage investor Smile Group are among the other investors.
Founded by IIT-Kanpur graduates Dilsher Singh Malhi and Siddhant Saurabh, Zupee runs live quiz tournaments on its app, allowing users to compete for prizes. It has more than 2,000 live quiz tournaments running 24X7, covering over 100 topics that range from Bollywood, sports to maths.
The company is planning to use the funds primarily to strengthen the technology platform, expand its team and build a strong marketing vertical.
Its target is to attain 100 million users and drive adoption of skill-based gaming in the country.
The app claims to have seen massive growth in user base and gross transaction value. It sees around 10 million game plays every month.
“Our strong growth in last year has reaffirmed our faith in building a gaming app that combines people’s love for trivia and quizzes with a chance to win real money,” CEO Malhi said.
In its seed round, the startup raised a million dollar from the Smile Group that had incubated the company.
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