Gamepind Entertainment Private Limited, Paytm’s recent mobile gaming offering, announced that it had received an investment of $16 million from both One97 Communications and AGTech to expand its operations.
Gamepind is a joint venture between AGTech Holdings Limited (AGTech) and One97 Communications.
The announcement also marks the appointment of Sudhanshu Gupta as the company's chief operating officer.
Since the launch, Gamepind has introduced social and casual games with exclusive loyalty rewards to millions of users within the Paytm app. It aims to bring a rich portfolio of games along with attractive coupons and products as rewards to mobile shoppers and casual gamers.
During the launch, Paytm stated that Gamepind will enhance its customer experience through a portfolio of games and entertainment content, including casual games, contests, and sports games, combined with an engaging shopping experience. This also will act as a marketing and promotional platform for merchants to engage with consumers.
Speaking on the investment, Sudhanshu Gupta, Chief Operating Officer of Gamepind Entertainment Private Limited said,
“With the penetration of smartphones and mobile internet, gaming is poised to become a multi-billion-dollar opportunity in India and I feel very excited to be a part of this journey. We will invest in building a platform to offer exciting and rewarding games for our users."
Madhur Deora, Chief Financial Officer of Paytm added,
“Gamepind has ambitious and innovative plans for the fast-growing mobile gaming ecosystem in India. Sudhanshu has been with Paytm for over five years and I am delighted to welcome him as Chief Operating Officer of Gamepind team. I am confident that under his leadership, Gamepind will grow to become the market leader in the gaming industry in India."
GM Cheng, Director, Gamepind Entertainment Private Limited, and President of Global Market and S.E.E.D, AGTech said,
"AGTech continues to firmly believe in the vast potential of Gamepind and its ability to capture the fastgrowing mobile games market opportunity in India. Going forward, AGTech will continue to strengthen our business in India, while seeking to continue globalising our business in other selected overseas markets.”
AGTech holds 45 percent stake in the joint venture, while Paytm owns 55 percent stake.
Similar to Paytm, AGTech’s investors include Alibaba Group and Ant Financial.