Online gaming startup BalleBaazi raised $4 million (around Rs 28.31 crore at the current exchange rate) in Series A round of funding led by two private equity funds. The company did not name the investors.
BalleBaazi is a fantasy cricket game where players can earn real cash using their knowledge of the sport.
The Delhi-based startup plans to use the funds to expand its gaming business to new markets, the company said in a statement.
“Online gaming industry in India is growing marvellously and is poised to grow even faster,” said Saurabh Chopra, co-founder and chief executive officer, BalleBaazi.com. “The potential is huge and the funds will certainly pave way for newer innovations and catalyse our upward journey at BalleBaazi.”
Founded in 2018 by Chopra, BalleBaazi recently raised $1 million from its parent company Baazi Games. Former Indian cricketer Yuvraj Singh has been signed as the brand ambassador of the startup.
Kolkata-based online gaming startup Baazi Games was launched in 2014 by Navikaran Singh. The gaming platform includes online real money games like Pokerbaazi, RummyBaazi and BalleBaazi.
Earlier in the week, Paytm First Games, a joint venture of Alibaba-owned AGTech Holdings and SoftBank-based payments platform Paytm had announced it was in talks to raise $25 million (around Rs 174.3 crore then) for the expansion of its gaming platform.
In July, India- and US-based PlayShifu raised $7 million (around Rs 48.2 crore then) in its Series A round of funding, led by Chiratae Ventures (formerly IDG Venture India). PlayShifu creates augmented reality-enabled interactive educational games for children.
The New Delhi-based TikTok Sill Games, which runs the vernacular esports platform WinZo, had raised $5 million (Rs 34.5 crore then) in a Series A round, led by Kalaari Capital and chat app platform Hike India, in July.