[Funding alert] JetSynthesys raises Rs 300 cr from Poonawalla, Kris Gopalkrishnan
Gaming and entertainment firm JetSynthesys on Wednesday said it has raised Rs 300 crore in funding led by businessmen Adar Poonawalla and Kris Gopalakrishnan.
The Pune-based company is expected to become a digital unicorn (having a valuation of over $1 billion) in the next two to three years, its Vice-Chairman and Managing Director Rajan Navani told PTI over a call.
Image Source: Shutterstock
He did not reveal the current valuation, and added that both Poonawalla and Gopalkrishnan, who were already investors in the company, will remain minority shareholders. The Navani family also participated in the funding.
The company has 100 million consumers across 180 countries, and has offices in Japan, the UK, the EU, and the US, Navani said adding that currently, a bulk of its revenues come domestically.
Currently, it has 500 people, including engineers and visualisers, working for it and makes money through user subscriptions, brand tie-ups, and also advertising, he said.
Navani said his family was engaged in the manufacturing and packaging businesses in Thailand and decided to start this company with an eye on the future, and added that scaling the business up is essential.
Some of the platforms operated by the company are profitable, while the revenues in others are growing, he said.
Navani said the fundraising will be used to create success stories across varying demographics, geographies, and socioeconomic classes and cited its success with Nodwin Gaming, an esports venture co-founded by the company, which has grown to have about Rs 100 crore in revenues now.
The current set of backers are people who are already known to the company, Navani said, adding that Gopalkrishnan, a co-founder and former chief executive of software giant Infosys, is also the non-executive chairman of JetSynthesys, while the Poonawallas are partners in a fintech platform.
In the future, Navani said the company is open to getting investments from people who have similar vision and are willing to stay invested for the long term.
"We have several initiatives in gaming, content, digital commerce, mindfulness, and fintech, which are seeing increased traction during COVID-19 times. This funding will allow us to invest more in sales and marketing as well as scale up operations," Gopalkrishnan said.
Poonawalla, who heads the world's largest vaccine manufacturer Serum Institute of India, said gaming, social communities, and digital entertainment have become basic essentials in the new normal.
"In light of recent global developments, digital products and services are the need of the hour, since they help everyone feel connected, while also contributing towards social distancing," he said.