Games24x7 Raises Investment & Steps Into India’s Unicorn List

Games24x7 a multi-gaming platform revealed on Wednesday that it had raised $75 million to enter India’s unicorn. According to the company’s website, RummyCircle is a tremendously popular game with over 30 million players.

Malabar Investment led the round, which also included previous investors such as Tiger Global and Raine Group. Tiger has already invested in the firm in 2011 and 2012, with Raine following suit in 2019.

In 2022, the business will become the 14th unicorn after raising new funding at a valuation of $2.5 billion.

While RummyCircle accounts for the majority of Games 24x7’s business, the company also has a casual gaming portfolio. My11Circle, a fantasy sports website, is also managed by the company.

While the firm’s rummy and fantasy sports services entail spending real money for uncertain prizes, Indian law does not consider these activities to be gambling, with judges consistently holding that games that require participants to use their ability cannot be classified as such. 

According to Games24x7, their platform has a total of 100 million users. Its platforms are affiliated with the Federation of Indian Fantasy Sports and the Online Rummy Federation, two self-regulatory organizations that have advocated for looser controls in the booming online gambling industry.

Games24x7 has become the industry’s third unicorn and second most valuable startup. Dream11’s parent company, Dream Capital, raised $8 billion in its most recent round, while Mobile Premier League was valued at $2.3 billion in April of this year.