Zupee raises $30 Mn at over $500 Mn valuation

Skill-based gaming platform Zupee has raised $30 million in its Series B round led by Silicon Valley-based WestCap Group and Tomales Bay Capital. Existing backers Orios Venture Partners and Matrix Partners India have also participated in it.

According to Zupee, it has raised the fresh round at a pre-money valuation of $500 million. It was valued at $100 million in January 2021, when it raised $10 million in January in a round led by WestCap Group and Matrix Partners India.

According to the Gurugram-based startup, the proceeds will be used in expanding its portfolio and deepening its user reach. The startup is also looking for strategic acquisition to further accelerate its growth.

Founded by Dilsher Singh Malhi and Siddhant Saurabh, Zupee is a mobile-based app for both iOS and Android, enables its users to participate in quiz tournaments across a range of topics and win real money.

The three-year-old startup claims to have 35 million registered users, primarily for tier II and III regions of India between the age bracket of 18-25. About 15% of its user base are paid customers. The company collects a 10% fee for paid games and users can spend between one rupee to Rs 10,000 on a game.

In the skill-based gaming segment, there are other companies such as Dream11, Mobile Premier League (MPL) and Halaplay among others.