Noida-based online gaming platform, Rein Games, has secured $700,000 in a seed round led by Dr Rajan Pai’s Manipal Education and Medical Group family office, Titan Capital, and other high net worth individuals.
The company will use the funds on streamlining product development, customer acquisition and team enhancement.
“As real-money gaming takes off in India, we believe the users will increasingly seek depth and value a high quality game experience. They will also seek more genuine games which allow their skills to win and not ones where hacks and other short cuts help win. We will thus focus on building one game at a time and innovate around that and become a leader in that before moving onto the next game and so forth,” said Vaibhav Gupta, CEO and co-founder of Rein games.
Founded in 2018, by Gupta, Himanshu Devra, Pranav Chaudhary and Nishtha Gupta, Rein Games claims to be a hack-proof, real-money gaming platform that uses an analytics-based model which is real-time and transparent.
The model employed by Rein games, as explained in the company statement, tracks real-time money flow within the system and distributes for multiple purposes, including retention of fading customers with benefits and increasing customer engagement. The core team at Rein Games currently has some 12 members, with 20 plus years of experience in the gaming industry.
“Being an avid gamer myself, know first-hand that the market for real money, skill-based gaming in India is poised for a big take-off. Vaibhav and his team know the space well and are razor focused on becoming the undisputed leader in this segment,” said Dr. Ranjan Pai, Managing Director, MEMG. Pai controls MEMG that runs about six colleges and 16 hospitals.
Other players in the sector, who recently raised funds, include SuperGaming, a social networking platform, which raised $1.3 million in a seed round from Tokyo-based consulting and business development firm Dream incubator and others.
According to a study by KPMG and Google, the online gaming market in India is expected to become a $1 billion opportunity by 2021, from $290 million in 2017.