India’s Games24x7 valued at $2.5 billion in new funding

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Games24x7, a Mumbai-headquartered startup that owns and operates multiple mobile games, has raised $75 million in a new financing round at a valuation of $2.5 billion, it said on Wednesday.

The new round was led by Malabar Investment and saw participation from existing investors Tiger Global and Raine Group. In a statement, Games24x7 said it is now India’s most valuable “multi-game platform.”

The firm is popular for its rummy game, called RummyCircle, fantasy platform My11Circle, and a portfolio of casual games under the brand name U Games. The 15-year-old firm says it has amassed over 100 million users.

“We are extremely happy to partner with Malabar Investment and to see Tiger Global and Raine Group continue to repose their faith in us. This investment is a testimony not only to Games24x7’s performance, but also to India’s immense potential as an online skill gaming market,” said Trivikraman Thampy, co-founder and chief executive of Games24x7, said in a statement.

This is a developing story. More to follow…

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