Ghack Technologies Pvt Ltd, which operates gaming and e-sports startup EWar Games, has raised an undisclosed sum as part of its pre-Series A fundraise, it said on Monday.
The round in the Bengaluru-based startup has been led by Inflection Point (IP) Ventures, with participation from JITO Angel Network and Hyderabad Angel. Eximius Ventures founder and director Pearl Agarwal also participated in this round, EWar Games said in a statement.
The development comes after the company in January raised $200,000 (around Rs 1.38 crore) from the angel investment arm of Karnataka-based House of Jindals and Jeet Banerjee, director of Gameplan Sports Pvt Ltd.
EWar Games was set up last year by Parth Chadha, with Rahul Singh as a co-founder. The company operates a vernacular gaming platform where users can play, stream, interact, and earn both virtual and real money. It also operates tournaments in the e-sports segments, with a focus on popular games such as PUBG, Call of Duty and Free Fire.
The firm will use the capital it has raised in this round to increase its penetration in the e-sports segment by introducing new products, with a focus on marketing, franchise growth, and increasing external viewership.
EWar Games says it currently has a user base of one million and is aiming to increase this figure to five million by the end of next year.
The pre-Series A round in the company is the latest investor bet on gaming, a segment that has seen a huge jump in attention and funding in the past couple of years.
Earlier this month, social gaming studio Bombay Play Pvt Ltd raised $1 million (around Rs 7.37 crore) in a seed round led by Lumikai, the interactive-media focussed firm that floated its maiden early-stage investment vehicle in August.
In August, multi-game platform Gamezop raised $4.3 million in a Series A funding round that was led by US-based Bitkraft Ventures. Velo Partners, FJ Labs and Survam Partners also participated.
In July, mobile game development studio Firescore Interactive Pvt. Ltd raised around Rs 3.7 crore in a funding round led by multinational studio and publisher CrazyLabs.