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Games24x7 turns unicorn 🦄, Tech IPOs on hold 📊, EF investments in 6 Indian startups 💰
Games24x7 has entered the unicorn club, Indian startup IPOs remain on hold, Entrepreneur First announces 6 investments, Funding Deals & more.
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Games24x7 turns unicorn at a valuation of $2.5Bn🦄
Multi-game platform Games24x7 has entered the unicorn club after raising $75 million in a recent funding round led by Malabar Investment at a valuation of $2.5 billion. The funding round also saw participation from existing investors Tiger Global and Raine Group.
According to a statement by the firm, the latest investment round makes Games24x7, India’s most valuable multi-game platform.
Games24x7 offers a variety of gaming platforms including RummyCircle, My11Circle and U Games. It claims to have more than 100 million users. Most of its revenue is earned from the RummyCircle and fantasy play My11Circle.
The fresh funds will be used by the company to accelerate user growth, content development and technological capabilities. It is aiming to become the top online gaming destination in the country.
Indian startup IPOs remain on hold amid geopolitical headwinds📊
Amid high volatility in the public markets, many top-tier Indian startups have decided to postpone their IPO plans.
Delhivery, for instance, received Sebi’s approval for its IPO in January, but Sahil Barua, its cofounder and chief executive broke the news that the company had decided to put its IPO plans on hold, partly because of market volatility.
Delhivery isn’t the only startup that has decided to postpone its IPO.
Mumbai-based API Holdings, which runs PharmEasy, is also uncertain about its IPO plans despite receiving clearance from Sebi last month.
Oyo Hotels and Homes, which is yet to get Sebi’s nod for its IPO, has postponed its plans and is likely to reduce its issue size as well.
As for companies such as Urban Company, which was planning an IPO in the next 18-24 months, the focus has changed.
Citymall, a community commerce platform, has bagged $75 million in Series C funding round led by Norwest Venture Partners.
FarMart, a SaaS-based food supply platform has secured $32 million in Series B round led by General Catalyst, with participation from Matrix Partners India and Omidyar Network India.
Enterprise software-as-a-service (SaaS) firm OSlash has raised $5 million led by entrepreneurs from India and the US, including Kunal Shah, founder of Cred; Christian Oestlien vice president of product at YouTube.
Vertically integrated EV ecosystem platform startup Pi Beam Electric has raised $1.7 million in a Pre-Series A round led by Inflection Point Ventures.
Entrepreneur First announces investments in six Indian tech startups💰
Entrepreneur First (EF), a UK-based global talent investor, announced early-stage investments in six tech startups in India in its latest ‘Investor Reveal’.
The six startups are:
Amikus AI, which automates contract review and drafting;
Grabbit Live, a live online shopping marketplace for independent retailers;
Capitall, which unlocks new debt assets for retail investors;
unScript AI, which designs hyper-personalised marketing videos at scale;
Coupl, which provides banking solutions for millennial couples; and
FloWorks, which help businesses better manage their operations through WhatsApp.
EF has so far invested in 42 tech startups in India since its launch in 2019.
As a global talent investor with a presence in six global markets, EF has built over 500 tech startups with a worldwide community of over 3,000 entrepreneurs, and a portfolio that is valued at over $6 billion, the company said in a statement.
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