[Funding alert] Paytm First Games raises $20M from AGTech and One97 Communications
Gaming platform Paytm First Games on Thursday said that it has raised $20 million from AGTech Holdings and One97 Communications Limited, the parent company of Paytm.
The funds raised will be used by the company to scale its operations, invest in technology and further expand its userbase through various marketing activities.
As part of its last round, the gaming platform had raised close to $16 million in August 2018 from its promoters, AGTech and One97 Communications.
In August 2019, the company said that it is looking to raise close to $25 million in funding.
Speaking on the growth, Sudhanshu Gupta, COO - Paytm First Games, said,
“In the last six months, we have launched several games across different genres and the response has been encouraging. We now have more than 35 million registered users playing their favorites games including the paid ones like Rummy and Fantasy Cricket. This fundraise will support our ambition to become India’s largest gaming platform which in-turn makes gaming a rewarding experience for our users.”
In January 2018, Paytm had announced the launch of Gamepind, a joint venture with AGTech Holdings Limited, a Chinese gaming and entertainment company.
Recently, the gaming platform was renamed to Paytm First Games as part of Paytm’s effort to offer a clutch of services under its paid subscription plan, Paytm First.
At present, the platform claims to have achieved more than 10 million monthly transactions with an annual revenue run-rate of $50 million.
The platform currently offers more than 300 engaging games including the popular ones like Fantasy Cricket, Fantasy Kabaddi, Fantasy Soccer, Rummy, 8 Ball Pool, Ludo, and live quiz.
Earlier, the company said that the registered users can play games and quizzes on Gamepind to win Paytm cash, movie tickets, flight tickets, among other things.
(Edited by Suman Singh)