Delhi-based Baazi Games’ latest gaming venture RummyBaazi has raised $3 Mn (nearly INR 22 Cr) in seed funding round from early-stage investment firm Udtara Ventures at a pre-money valuation of $14 Mn. Even parent company Baazi Games has set aside $1 Mn nearly INR 7.4 Cr) to boost product development and expand its marketing efforts
“As the country is continuously increasing its consumption of online gaming, it becomes essential for platforms like RummyBaazi.com to expand their product portfolio to cater to the audience’s needs… Given the scenario, we feel this is the perfect time to strengthen our game in the country and we’re glad that Udtara Ventures saw potential in our ideas to scale it further,” said Navkiran Singh, Founder and CEO of Baazi Games.
RummyBaazi was incorporated in 2019 and has been able to scale its operations to accommodate 500K (5 Lakh) players so far. The company, in its press statement, highlighted, “operates with its guiding principle of ‘user-first’ offering a seamless and 360-degree experience of online gaming on the highly secure platform without compromising speed or fun.” The company was set up by Singh and is led by CEO Sunit Warriach.
Baazi Games was founded in 2014. It also has other subsidiaries like BalleBaazi and poker-based PokerBaazi, along with RummyBaazi. All these businesses have been set up in Delhi.
BalleBaazi, which was founded in 2018, offers a gaming platform to cricket enthusiasts where they can apply their cricket knowledge and skills to create their own virtual team of cricket players and simultaneously earn points based on the real-world performance of these players. PokerBaazi was launched in 2014 as an online poker room that offers their company users a chance to play poker professionally and win from others.
RummyBaazi CEO Warriach said, “Baazi Games has been able to create a loyal user base by providing the most seamless and rewarding experience over the years through online poker and fantasy sports. In order to enhance the experience for our users, we expanded our product line by introducing RummyBaazi.com.”
This is Udtara Ventures’ second investment in the BaaziGames Network. The investment firm had previously invested $2 Mn in BalleBaazi in 2019. “We have been part of this journey for the last couple of years, with 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,” Udtara Ventures’ chairperson Rajiv Chaurasia.
The post Baazi Games’ Latest Addition RummyBaazi Raises $3 Mn In Seed appeared first on Inc42 Media.
Author: Kritti Bhalla
Source : https://inc42.com/buzz/baazi-games-latest-addition-rummybaazi-raises-3-mn-in-seed/
Date : 2020-08-26T11:28:04.000Z