Gamezop raises Rs. 32 Crores Series Aled by BITKRAFT Ventures
New Delhi | Gurgaon,27thAugust 2020: Gamezop, a leading multi-game platform with over 34 Mn monthly active users has raised Rs. 32 crores ($ 4.3Mn)investmentfrom BITKRAFT Ventures, Velo Partners, and FJ Labs. BITKRAFT is the world’s largest esports fund and co-owner of the publicly-tradedesports ETF, NYSE: NERD. Velo Partners is aglobal real money gaming fundand early backer of Adda52 and Junglee Rummy.
Gamezop is operated by Advergame Technologies Private Limited and was founded by brothersYashash and Gaurav Agarwal in 2015. Prior to this, the company raised $ 350K in 2016.
The company licenses HTML5 games from top developers and embeds them inover 1,600 popular apps – includingMyntra, Grofers, ShareChat, MX Player, Glance (InMobi), and PhonePe –enablingusers of these apps to play games casually or competitively for cash. This way, Gamezoppiggybacks on the distribution network of these partner apps and acquires users without any spending. The partner apps see an average 40% boost in engagement time through games,in addition to getting a 50% share in revenue made byGamezop.
Gamezop’s partner apps are free to choose between two integration options: mobile esports, where users compete on skill-based games in live tournaments to win cash prizes; and free-to-play games, where users play games casually.The company will use the investment to grow the mobile esportsformatand establish presencein select overseas marketsthrough its piggybacking model.
“Growth of mobile esports is truly democratising the access to competitive gaming and the ability to win real rewards. We decided to take it one notch further by going HTML5 and eliminating the need to force app sideloads – saves us a lot of money and our users a lot of friction,” commented CEO and Co-Founder, Yashash Agarwal.“BITKRAFTis the clear thought leader when it comes to esports, gaming, and immersive entertainment. They were at the top of our list when we began to look for investment partners to help us grow the business.”
Commenting on the funding, Malte Barth, Founding General Partner, BITKRAFTsaid, “We have been looking to enter the Indian gaming market for a while and with Gamezop, the factors that excite us the most came together nicely – proven model ready to scale, extreme capital efficiency, solid product moat, and an unfair advantage in user acquisition. That Gamezop could scale to over 34 Mn users in a highly competitive space, while being profitable and with minimal external capital highlights the team’s capabilities to be a major internet company.”