[Funding alert] RummyBaazi raises $3M from its parent Baazi Games, and Udtara Ventures
Delhi-basedsaid on Thursday that it has raised a seed round of $2 million from its existing investor Udtara Ventures for its platform, and Baazi Games will infuse another $ 1 million to expand its Rummy platform in India. The company will use the funds to strengthen the product and marketing strategies.
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Baazi Games was launched in 2014. It includes online real money games (RMG) such as, RummyBaazi, and .
Navkiran Singh, Founder and CEO of Baazi Games, said that as the country is rapidly increasing its consumption of online gaming, it becomes essential for platforms like RummyBaazi to expand its product portfolio to cater to the needs of the audience.
"Our expanding user base is testament to the efforts of RummyBaazi in providing its customers with the safest way to play. Given the scenario, we feel this is the perfect time to strengthen our game in the country and we are glad that Udtara Ventures saw potential in our ideas to scale it further," he added.
The company said that prior to this round, RummyBaazi was valued at a pre-money evaluation of $14 million. It added that since its inception in 2019, RummyBaazi has been able to scale its operations to great heights as it boasts a user base of five lakh players within just one year of its inception.
Rajiv Chaurasia, Chairman, Udtara Ventures said that an increase in the number of smartphone users, rising internet penetration, and improved internet infrastructure have led to a huge upsurge in the online gaming industry and this trend will continue to grow rapidly.
"We have been part of this journey for the last couple of years. An increasing user base backed by high player retention has reaffirmed our thesis about the sector. Hence, it was imperative to continue our partnership with one of the fastest-growing brands in the space", he said.
"The team has been part of the Real Money Gaming space for over a decade now, and we believe that their knowledge and industry experience will help Baazi Group to emerge as a market leader with a unique position as a full-stack RMG platform," he added.
The All India Gaming Federation (AIGF) recently stated that more than 10 percent of online gamers in India are RMGs, who contribute to a Rs 2,000-crore industry that is projected to grow 3.5x by 2025. These gamers are constantly willing to raise the stakes, and will occupy a “significant wallet share” in the future.
Roland Landers, CEO, AIGF told YourStory recently, “Online card games and digital sports have seen a higher uptick in the lockdown as people looked for ways to pass time indoors. The volume of data going towards online gaming has been growing, and will continue to grow if this situation persists.”