[Funding alert] Online gaming platform Dangal Games raises $1M in Series A round
Dangal Games, an online skill-based gaming platform, on Wednesday said it has raised $1 million in Series A round of funding from an undisclosed strategic investor.
The Delhi-based startup plans to use the capital to diversify its product portfolio and build its technology capabilities for the business.
Speaking on the funding, Varun Mahna, Founder and CEO, Dangal Games, said, “The online gaming industry in India is surging like never before. After the pandemic, our whole platform endured an inclining power shot in acquisition and user-time spent. We also want to utilise the funds to grow the gaming ecosystem in the country, and enable more gaming tech startups with investments.”
Dangal Games claims its first game — PokerDangal — is among India's top five online poker platforms. It also recently launched another game, RummyDangal, for players to enjoy online rummy.
The startup claims it has a user base of over five lakhs and plans to launch newer products to become a leading player in the skill-based online gaming sector.
Dangal Games also plans to add fantasy games to its portfolio before the start of IPL 2021 season. Besides, it also plans to foray into casual gaming.
Other founders of Dangal Games include — Varun Puri, Shashwat Jain, Karan Gandhi, and Manan Sobti.
The PokerDangal platform is available on desktop, Android, and iOS, and users can play three variations of the poker game.
The startup generates revenue in two ways: first, by charging service fees on wagers, and second, by charging entry fees for tournaments.
A KPMG report estimates that the online gaming industry in India is at Rs 4,380 crore (FY 2018), and projects to grow at a CAGR of 22.1 percent, and touch Rs 11,880 crore by FY 2023. In fact, online card games are growing at 50-100 percent year-on-year.