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Wednesday, October 27, 2021

[Funding alert] RummyBaazi raises $ 3 million from parent company Baazi Games and Udtara Ventures

 

Baazi Games was launched in the year 2014. This includes online real money games (RMG) such as poker, rummy and batting.

(Picture: token picture)


Delhi-based Baazi Games said on Thursday that it has raised a seed round of 2 million from its existing investor Udtara Ventures for its RummyBaazi platform and decided to invest a $ 1 million to expand its platform in Baazi Games. is. The company will use the investment to strengthen product and marketing strategies.

Baazi Games was launched in 2014. This includes online real money games (RMG) such as poker, rummy and batting.

Navkiran Singh, founder and CEO of Baazi Games, said that as the country is rapidly increasing its consumption of online gaming, platforms such as RummyBaazi are expanding their product portfolio to cater to the needs of viewers. Becomes necessary.

They said,

“Our expansion is a testament to RummyBaazi’s efforts to provide its customers with the safest way to play. Looking at this scenario, we feel that this is the right time to strengthen our game in the country and we are happy that it Udtara Ventures saw potential in our ideas to push forward. “

The company said that RummyBaazi was valued at a pre-money valuation of $ 14 million prior to this round. It added that since its inception in 2019, RummyBaazi has been able to take its operations to great heights as it boasts a five lakh user base within just one year of its inception.



Rajiv Chaurasia, president of Udtara Ventures, said that the growth in the number of smartphone users, increasing penetration of internet and improvement in internet infrastructure has led to a huge boom in the online gaming industry and this trend will continue to grow rapidly.

He said,

“We are part of this journey over the years. A growing user base supported by high player retention has reaffirmed our thesis about the sector. So with one of the fastest growing brands in the region It was necessary to continue our partnership. “

He added, “The team has been part of the real money gaming space for over a decade now and we believe their knowledge and industry experience as a full-fledged RMG platform as a market leader to Baazi Group Will help emerge. ”

The All India Gaming Federation (AIGF) recently stated that over 10 percent of online gamers in India are RMGs, contributing to the industry of Rs 2,000 crore, which is projected to grow 3.5 times by 2025.

Roland Landers, CEO, AIGF, told BK recently, “Online card games and digital sports have seen a high rise in lockdowns as people were looking for ways to get indoors. The amount of data leading to online gaming is increasing and will continue to grow if this situation persists. ”

Source: Yourstory.com

Damini Sharma
Experienced Senior Content Writer with a demonstrated history of working in the information technology and services industry. Skilled in SEO Copywriting, Web Content Writing, Storytelling, Blogging, and Social Media. Strong media and communication professional with a mass communication focused in Journalism from Sjmc davv indore.
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