Singapore-based Makers Fund and New York-based Courtside Ventures have made their first investment in India by leading an $18-million Series B funding round in vernacular real-money gaming platform WinZO.
Kalaari Capital, which first invested in WinZO in 2018 and led the company’s Series A in 2019, also participated in the round, the startup said in a statement. Revant Bhate, FinAdvantage, Indigo Edge -exclusive advisor to WinZO, and co-founders Paavan Nanda and Saumya Singh Rathore also joined the round.
With the latest funding, WinZO plans to strengthen its content pipeline, captivate mobile-first consumers and their gaming needs, and become the go-to gaming app in India.
“WinZO is at the heart of India’s gaming evolution, a geography we’ve been tracking for some time. Paavan and Saumya’s success through a hyper-focus on their player ecosystem is evident, and a clear asset as they accelerate their growth,” Michael Cheung, Partner at Makers Fund, said.
Makers Fund is a global interactive entertainment focused venture capital fund, with over 30 investments across North America, Europe, and Asia. Courtside Ventures, on the other hand, is focused on sports, technology, and media, and invests from seed to Series B stages.
“With Series B funding, we are thrilled and humbled to welcome like-minded business partners into our WinZO family. Along with their network, support and fresh financing, we are confident we can propel WinZO even further as a business and become an even more lovable product for our customers. It’s time to put all the learnings and experiences of the past toward building something huge,” Nanda said.
The Indian startup claims that its revenue has grown 1500 per cent and has acquired 20 million users in the last 12 months. The platform also boasts of a network of vernacular micro influencers and 30+ partner game developers.