Zupee, a Gurugram-based real money gaming platform, announced it has raised $8 million Series A funding led by Matrix Partners India. Other investors that took part in the funding round include Falcon Edge Capital, WestCap Group, Orios Venture Partners and Zupee’s early stage investor Smile Group.
The company will use the funds to increase the company’s user base and invest in strengthening technology, team and marketing, Dilsher Singh Malhi, CEO of Zupee, said to the media.
Zupee was founded in 2018 by Malhi and Siddhant Saurabh. It runs live quiz tournaments on its app where users compete with friends and other players for prizes.
The funding comes at a time when online gaming firms have seen a spike in user base due to the ongoing Covid-19 lockdown. According to Nasscom, India’s mobile gaming market will reach 628 million users this year.
Last year, Zupee had raised $1 million in seed funding from Smile Group, which incubated the startup.
Zupee has plans to become the biggest cash gaming platform in the world. Currently, the company is operating the country’s biggest real-money QnA platform that rewards users for their passion across pop culture, academics, sports, general awareness and more.
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