Indian poker site raises a record amount in Series A funding
Indian poker platform 9 Stacks has said that they have created history by becoming the first of its kind to complete a series A fundraising round.
The poker-only platform announced that it successfully raised 28 crores in the funding round led by WaterBridge Ventures and the startup’s existing pool of investors. The poker portal says that the platform boasts of a user base of more than 100,000 subscribers.
“India is moving in the direction of emerging as a massive online gaming industry at a rapid pace and with this an exponential increase in the players and revenue in the growing sector,” said WaterBridge Ventures MD Manish Khaterpal.
“Real-money gaming will have a significant wallet share of online due to ubiquitous mobile access mobile access in our country increasing disposable income, convenience and super user experience.”
9stacks also said that it will be using the funds for ramping up user acquisition, data analytics, machine learning and market expansion. The poker platform is seeking to become the leading site for poker in India.
“WaterBridge ventures becoming the lead investor in our series A fundraising and we are delighted to announce that 9stacks is the first platform to achieve this feat and look forward accomplishing many more such milestones,” said the Chief Executive Officer Sudhir Kamath.
“This is a great sign for 9stacks as we have put the systems and processes in place and we hope the rapidly growing market to grow more,” he added.
The Growing online gaming sector in India
Talking about their glinting journey so far, 9stacks reminisced that it took 25 of its users to the 2018 World Series of Poker in Las Vegas. It said that two of the players finished in the top 100 in the Main Event.
According to 9stacks, other Indian online gaming portals have also raised investment rounds for their segments and they have succeeded in the process.
Currently, 1.2 billion mobile users in India play online games and it has attracted many online gaming companies. Although poker only represents a small piece of potential $1 billion internet gaming market, it is expected to grow manifold in the coming years.