[Funding alert] Gaming platform Zupee raises $30M in Series B at over $500M valuation

Skill-based gaming startup Zupee on Tuesday said it raised $30 million at a pre-money valuation of $500 million. The Series B funding round was co-led by Silicon Valley-based WestCap Group and Tomales Bay Capital, with participation from Matrix Partners India and Orios Venture Partners.

According to an official statement, Zupee will use the funds to enable scaling efforts through an expanded product portfolio, deepening market reach, and hiring global talent.

So far, Zupee has raised $49 million in total funding. The startup has an existing user base of over 10 million users.

Founded in 2018 by IIT Kanpur graduates, Dilsher Singh and Siddhant Saurabh, and incubated with funding from Smile Group, Zupee innovates by reengineering time-tested games and enabling them to enhance skill, joy, and hope.

The company's portfolio has innovative gaming formats of multiple popular board games. The flagship gaming app hosts live trivia quiz tournaments and has seen over 250 million gameplays.   

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Dilsher Singh, Founder and CEO, Zupee, said,

"Games inherently celebrate the journey and nurture self-expression. That's what I am committed to building with Zupee — an organisation that enables people anywhere in the world to enhance their intrinsic happiness through games."

He added, "We innovate to ensure our games provide an intersection between skill and entertainment, enabling our users to earn while they play. We thank our investors for believing in our purpose and enabling us to progress on our journey to transform it into reality. Our journey has just begun; 10 million happy users in India, billions more globally, we want to touch through our innovative games." 

Commenting on the investment, Laurence A. Tosi, Founder and Managing Partner, WestCap, and early investor in Zupee, said,

“WestCap remains a key strategic investor and operating advisor to Zupee, and we are increasing our interest again as part of this most recent funding round. Dilsher and his world-class team have innovated some of the most compelling and widely used mobile games of skill in India. The enduring appeal of the Zupee games brings engagement, enjoyment, and empowerment to the widest audience of any gaming platform in the market."

He further said, "This funding will enable the Zupee team to invest further in innovation, expand its suite of games, and aggressively pursue international expansion. Zupee has exponentially accelerated its growth over the last 12 months, making them one of the largest and fastest-growing game companies globally.”