Alibaba-Paytm gaming JV to raise $25 mn, expand gaming platform
Paytm First Games, a joint venture between Alibaba-owned AGTech Holdings and SoftBank-based payments platform Paytm, is in talks to raise $25 million (around Rs. 174.3 crore at current exchange rates) for the expansion of its gaming platform. The company did not disclose the names of investors.
The funding will be used to develop its technology platform and build e-sporting events, an official statement said. It also plans to add more games for its users.
Paytm First Games is one of India’s fastest growing gaming portals with an annual revenue run rate of $50 million, the statement said.
The gaming platform offers more than 300 games including fantasy cricket, fantasy kabaddi, fantasy soccer, rummy, 8 ball pool and ludo.
“We now have about 30 million users on our platform with half of them being monthly active users. On our paid games, people spend around Rs 4,000 on games like rummy, while the spends are to the tune of Rs 400 in fantasy league,” Sudhanshu Gupta, chief operating officer of Paytm First Games, said.
Paytm rebranded its gaming platform Gamepind as First-Games in June, The Economic Times had reported.
Last year, in August, the gaming platform had appointed Gupta, a former executive at digital wallet firm Paytm, as its chief operating officer.