Categories: Poker
December 19, 2017
| On 1 year ago

Delhi based startup generates $1.5 million funding

By Koustav Shaw

With the Chandigarh based, Passion Gaming being backed by the UK based Stride Gaming, last month, with a whopping $3.75 million for the acquisition of 51% of the company shares; it is evident that online gaming in India is going to next big fish in the sea. Joining the list of startup online gaming companies, Delhi based 9stacks currently secured $1.55 million of funds from investors.

The Delhi based online gaming startup plans to utilise the investment in the best way possible from leveraging more technology to improve its entire domain by hiring new members in the product and design teams. Also, a big portion of this investment would be used to prepare a marketing strategy to get more users in India, is assumed.

The total fund of $1.55 million which equals to around INR 10 crores is a mixed contribution of a group of companies. The list includes Purnima Khandelwal (founder, INI Farms), Swati Gupta (founder, IndustryBuying), Kartik Sheth (Chief executive, Wynk Music) and Maheshwer Peri (founder, Careers360).

It is believed that with the funding the startup will try to develop their core fields which will be beneficial for its users to have a proper understanding of the game. Moreover, the startup also plans to revamp other segments too to join the big league of the gaming industry and put up a tough fight against likes of Adda52, Baadshah Gaming, and PokerStars.

Online Gaming Industry In India Is Blooming

In the last few years, India has seen an alarming rate of growth when it comes to online gaming in the country. India accounts for the 13% of the world’s online mobile gaming population, according to a report published by Flurry Analytics. The recent surge in online gaming is because of the maximum involvement of smartphones in everyone’s hands every day. An average smartphone user in India spends around 14 hours a day minimum on mobile phones which have led them to try out online gaming and among all online gaming, people enjoy participating in the games that help them in earning some digital money.

India has emerged among the top five countries for online mobile gaming, according to multiple reports. It also believed that the total number of smartphone users in India is expected to reach 530 Mn by 2018. Since all popular games now can be played on mobile, the future of mobile gaming industry is expected to thrive significantly. In a report published by a Google KPMG, in May 2017, the current estimation of the online gaming industry in India is worth about $360 Mn. By 2021, it is expected that this figure has the potential to reach $1 Billion.

Online Gaming across the world

Canada-based Clairvest group obtained a majority stake in the Online gaming portal Ace2Three which has more than 8 Mn users on its portal, in April 2017.  Even the Pune based Delta Corp Ltd. also got the rights to the firm which runs adda52.com. As of now, one of the heavily funded platforms for the players in the online gaming market, Nazara Technologies, has a total funding of $60 Mn (INR 385 Cr). Nazara has its presence known in more than 61 countries and has crossed 34 Mn users with 10 Mn monthly users across its network of games.

New verticals like virtual reality, augmented reality and online poker are emerging rapidly and are allowing for a radical change in the mobile gaming industry. The online poker market is reported to be worth $120 Mn (INR 770 Mn). With the newly-secured funding, 9stacks aims to strengthen its presence by tapping the country’s booming online poker market.

Delhi based startup generates $1.5 million funding was last modified: December 19th, 2017 by Koustav Shaw

You can follow GamblingIndiaInfo on Social Media platforms

Koustav Shaw

I always hate talking about myself because it feels weird to talk about myself honestly. Ever think that it's weird? No? Just me? My bad. Always hungry, always sleepy and in between always writing. Hope you won't mind!

Leave a Reply

Your email address will not be published. Required fields are marked*