Online gaming platform Games24x7, on Tuesday launched an investment arm Games24x7 Ventures to invest in early-stage startups operating on the intersection of technology and interactive entertainment space in India.
With a corpus of over Rs 400 crore ($48.37 million) to be allocated over the next five years, Games24x7 Ventures will invest and support startups in categories including online gaming, digital marketing, digital content, sports tech, eSports, blockchain technology and analytics among others, the company said in a statement.
“We believe that we are very well positioned to support early-stage companies beyond just capital. Our return on investment-focused mindset, intense customer focus, and scientific operating methodology of scaling topline while preserving sound unit economics would be very beneficial in partnering with founders in building hyper growth companies which will endure,” Trivikraman Thampy, Co-founder, and Co-chief executive officer, Games24x7 said.
Through the fund Games24x7, which turned unicorn earlier this year, will focus on partnering with start-ups that have synergies with Games24x7’s core business areas, the startup said.
Games24x7 Pvt Ltd is the parent company of gaming platforms such as My11Circle, one of the country’s largest fantasy platforms, and RummyCircle, one of India’s largest online rummy platforms. It was founded in 2006 by Thampy, an engineering alumnus of IIT Bombay and Bhavin Pandya, an engineering alumnus of Purdue University.
The company is backed by investors such as Tiger Global Management and Raine Group. In March, after it raised $75 million in a funding led by Malabar Investment, Games24X7 was valued at $2.5 billion.
Through the initiative, the Mumbai-headquartered firm also aims to go beyond financial assistance. It will provide early-stage start-ups with guidance and mentorship.
“As a highly strategic venture capital partner, we bring in a unique blend of access to patient capital along with strategic value additions in areas such as product development, data science, marketing automation and user growth and monetization,” Rahul Tewari, Games24x7’s chief financial officer added.
