Online gaming platform WinZO is raising INR 117.72 Cr from several investors, including venture capital firms as well as private investors.
According to filings with the Ministry of Corporate Affairs (MCA) and accessed by Inc42, the company is issuing 6,18,660 Series B Cumulative Convertible Preference Shares (CCPS), at a face value of INR 20 per share and a premium of INR 1,884.49 per share to a range of domestic and international investors including Kalaari Capital Partners and IndigoEdge Management Consultancy, among several others. Last year, Kalaari Capital, along with messaging platform Hike, was one of the lead investors in WinZO’s Series A funding round worth $5 Mn.
Founded in 2018 by ZO Rooms founders Paavan Nanda and Saumya Singh Rathore, WinZO offers skill-based games such as carrom, cricket, 8-ball pool, Sniper 3D, Bubble Shooter, Fruit Samurai, Knife Up, fantasy leagues, and trivia-based games, with monetary benefits and is available in 10 languages. These games are acquired from developers and studios from across the world and published by WinZO.
Last year, the company claimed to have more than 7 Mn registered users across Tier 2/3/4/5 cities. It had claimed that users were spending more than 55 minutes inside the app on average every day. Further, the company had claimed that the top 20% of the users in terms of time spent on the app, were spending 60% of their smartphone usage time on the platform.
WinZO competes with several other skill-based gaming startups in India such as Adda52, PokerDangal, Spartan Poker, Octro, as well as fantasy sports platforms such as Dream11 and Mobile Premier League (MPL), among others.
The forecast for the online gaming industry in India in terms of revenue is also buoyant. A recent report by the Federation of Indian Chambers of Commerce and Industry (FICCI) and consultancy firm EY noted that the online gaming industry, including transaction-based real money skill games and casual games, clocked around INR 6,460 Cr in revenues in the financial year 2019-2020, with transaction-based games accounting for around INR 4,600 Cr. The report estimates the CAGR of the industry to be more than 40% and the industry to reach a size of around INR 18,700 Cr by the financial year 2021-22.
The post Exclusive: WinZO Looks To Raise Over INR 117 Cr From Kalaari Capital, IndigoEdge Management appeared first on Inc42 Media.
Author: Harshit Rakheja
Date : 2020-09-01T13:30:44.000Z