Gurgaon-based GameXS raises seed funding from Lead Angels
Gurgaon-based GameXS.in, an online pre-owned game store, has raised an undisclosed amount in its seed funding from Mumbai-based angel network Lead Angels. The platform will use the funding to increase operations, expand product portfolio and build a larger team to make gaming more accessible and affordable to Indians.
Kabeer Jain, Founder and CEO of GameXS says, “With the recent round of funding, we are better equipped to scale services faster. We will be looking at making strategic hires in the coming months and enhancing our product pipeline further in a bid to offer wider access to gaming in India.”
He adds that the platform targets Indian gamers who are as passionate as those from other countries. However, owing to high prices in both the national and international market, they find difficult to afford most of these games. GameXS platform provides interesting deals to gamers. From offering fair process and convenient checkout to buyers and sellers to super-fast pickups and deliveries, it enables gamers to get to gaming quickly while giving them a bang for their buck.
The company was founded in 2012 by Kabeer, an IIT-Delhi graduate. In 2014, he was joined by Abhishek Jain, an IIT-Roorkee graduate who took up the responsibility and position of COO. GameXS offers free doorstep pickup within one day in over 5,000 areas. This time is down to three hours in Gurgaon.
Growing market
By combining successful models of re-commerce and crowdsourcing, GameXS claims to help gamers reduce their gaming costs by over 70 per cent. According to a release from the company, the platform has processed more than 10,000 sale transactions and close to 6,000 trade-in transactions with a repeat customer rate of approximately 50 per cent. This coupled with a huge Facebook following, GameXS has shaped up to be the go-to destination for Indian gamers.
GameXS has further plans to grow in the pre-owned games market making gaming more accessible in India. Game rentals, e-sports, merchandising and gaming content development are some of the focus areas for the company.
Talking about the investment, Sushanto Mitra, Founder and CEO, Lead Angels says, “The platform has an extensive collection of pre-owned games and consoles as well as the quality assurance that makes buying used games fast and hassle-free as opposed to classifieds. In addition, with its proprietary trade-in algorithm, GameXS allows gamers to sell any game at any time at a fair price in just a few clicks.”
Lead Angels is an alumni-focussed angel network started by a team of three originally from IIT Bombay. It currently has chapters in Mumbai, New Delhi, Ahmedabad and Hyderabad. Its focus is to assist investment into early stage ideas and companies founded by students. It also works closely with many institutions, their incubators, alumni associations and student entrepreneurship cells.