Delhi-based 9stacks, a technology company in the online real money gaming space has raised around Rs 10 crore in an angel round of funding.
The investors participated in the first funding round for the startup include IndustryBuying founder Swati Gupta, INI Farms founder Purnima Khandelwal, Careers360 founder Maheshwer Peri, Wynk chief executive Kartik Sheth, and few other.
The startup plans to use the investment to strengthen technology, scale up product and design teams, ramp up the customer base in India.
9stacks confirmed the development with Entrackr through an email response.
“With the backing of our angel investors, we want to make 9stacks the first choice for new users to play poker, with the most user-friendly interface, quickest pay-ins and pay-outs through seamless integration with payment gateways / bank accounts, and clear policies on tax deduction for a safe and hassle-free playing experience, ” said Sudhir Kamath, CEO and co-founder, 9stacks.
Founded in April 2017 by Sudhir, 9stacks develops games like Poker, Fantasy League, Rummy, etc. for multiple people to play for real money. It currently offers online real-money poker to customers in 24 Indian states, who can access its modern and secure poker platform on 9stacks, and on iOS, Android, MacOS, and Windows native apps.
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The company is also investing in producing its own poker-specific content to help users develop their poker skills and connect with other poker players.
In the similar category, Chandigarh-based online gaming company Rummy Passion raised $3.75 million from London Stock Exchange-registered gaming firm Stride Gaming Plc in lieu of 51 per cent stake in an all-cash deal.
Of late, gaming startups are having a good time in India as far as raising fund is concerned. Last week Veteran investor Rakesh Jhunjhunwala invested Rs 180 crore in mobile game publisher Nazara Technologies. He also acquired a minority stake in the company which is eying IPO by early next year.
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Earlier in November, Nazara Games invested in Bengaluru-based HalaPlay, a daily fantasy sports (DFS) platform. Kae Capital also participated in the round
The Indian gaming industry touched worth of $543.08 million in 2016, according to the report ‘Emerging Trends in Indian Gaming Industry’. The report said the figure is expected to hit $801 million by 2022, at a compound annual growth rate of 6.61 per cent.