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Business

Paytm First Games to receive $25 million funding: Report

Alibaba Group and One97 Communications Limited backed Paytm First Games (earlier known as Gamepind) is reportedly in talks to raise US$25 million in a fresh funding round that will be led by venture capital firm SAIF partners and an unknown Hong Kong based entity.

In May this year, the company had announced that it had surpassed 30 million registered users on its platform and planned to raise $30 million in a funding round. Last year, Paytm and Alibaba had jointly infused $16 million in the gaming company.

When Sudhanshu Gupta, Chief Operating Officer (COO) of Paytm First Games was contacted by Times of India for a confirmation of the above news, he declined to confirm the development.

Gupta however noted that Paytm First Games has grown manifold in the last one year and has garnered over 30 million registered users. He noted that on an average users spend around Rs. 4,000 per month on the game of rummy and Rs. 400 per month on fantasy sports.

He also stated that the company is clocking around US$ 50 million in revenue, with the focus in the near future being on investing in its technology and hosting e-sports events.Gupta stated that Gamepind is looking to double its team size from the current number of 150.

Paytm First Games offers casual games such as ludo, snake wars, badlands, 8 ball pool as well as skill games such as rummy, fantasy sports, trivia and live quiz on its platform as well as on the Paytm app.

Categories
Business

Paytm-backed Gamepind rebrands itself as FirstGames, looks to raise $30 million

Paytm-backed real money gaming platform Gamepind has decided to rebrand itself to FirstGames, as per a report in the Economic Times.

Gamepind, which is a joint venture between Paytm’s parent company One97 Communications Limited and Alibaba Group owned gaming technology provider AGTech Holdings, is also reportedly looking to raise further capital of US$30 million to expand its gaming platform and scale it with more games.

One97 Communications and AGTech had infused US$16 million in Gamepind Entertainment Private Limited last year.

Gamepind (now Paytm FirstGames) has claimed that in a short span of less than one year, it has garnered over 30 million registered users on its platform.

The company offers casual games such as ludo, snake wars, badlands, 8 bnall pool as well as skill games such as rummy, fantasy sports, trivia and live quiz on its platform as well as on the Paytm website and mobile app.

Gamepind is reportedly currently clocking Gross Merchandise Volume of Rs. 20 crore monthly, which it hopes to increase to Rs. 28-35 crores during the ongoing ICC Cricket World Cup.

Read more about Gaming business in India.

Categories
Gaming

Paytm’s Gamepind gets 30 million registered users

Gamepind Entertainment Private Limited, the online gaming joint venture of online payments and e-commerce behemoth Paytm and Alibaba-backed gaming technology company AGTech, has announced that it has acquired 30 million registered users on its portal within a year of starting operations. Gamepind has claimed that their platform has also witnessed over 70 million gameplays in a month and growth rate of 20% month on month.

The company has claimed that it has over 100 casual and real money skill games available on its platform, that can also be accessed through the Paytm app.

The company stated that it has partnered with high-quality studios and publishers from India and across the world including Gamepix, Famobi, and Shoal games to bring popular casual games such as ludo, snake wars, badlands, 8 bnall pool as well as skill games such as rummy, fantasy sports, trivia and live quiz.

Gamepind has also officially announced the launch of their updated app with two new skill games, ‘Gamepind Fantasy Sports’ and ‘Gamepind Rummy’. Glaws had first reported in January 2019 about Gamepind starting fantasy games and rummy on the Paytm platform.

Commenting on the development, Gamepind Chief Operating Officer (COO) Sudhanshu Gupta said, “Our goal is to build the largest gaming destination in the country which not only provides the best games to our users but also rewards them for playing. We have already seen great success with games like Ludo and Snake Wars and competitive skill-based real money games like Trivia and with the cricket world cup coming up, we are excited to launch Gamepind Fantasy Sports. We will continue to strive to innovate and bring more exciting and rewarding games for our users.”

Categories
Business Gaming

Paytm launches new rummy and fantasy games on its portal

Leading e-commerce and digital wallets portal Paytm has recently launched rummy and fantasy sports games on its mobile app.

The rummy and fantasy sports games are accessible on the Paytm homepage and are operated by the ‘Gamepind’ brand, the skill gaming joint venture between Alibaba-backed Chinese technology company AGTech and One97 Communications Limited (the parent company of Paytm, in which Chinese behemoth Alibaba is also an investor).

The fantasy sports app of Gamepind, developed and designed by Indore-based software company Vinfotech, presently offers daily fantasy games of cricket, football and kabaddi.

Currently, neither the fantasy sports or rummy games are offered for real money on the company’s app. While fantasy games can be played using ‘beans’ or points that can be purchased on the Paytm portal, only a free-to-play version of the rummy game can be played on the app using non-monetary points.

It is however understood that real money options of daily fantasy sports and rummy will be offered through the Paytm and Gamepind portals in the near future.

Last year, Paytm had announced that it had formed a Joint Venture with AGTech to start Gamepind a casual and skill gaming portal, where Paytm would hold 55% stake while AGTech holds the balance 45%. Both companies had stated that they would be jointly infusing $16 million in the venture.

Currently, besides fantasy sports and rummy, the Gamepind platform offers games like trivia, quizzes, ludo and other social and casual games.

With a valuation of over $16 billion or over Rs. 1 lakh crore, Paytm, one of the largest e-commerce companies in the world, is the biggest Indian entity to enter the skill gaming space. The investors of the company include Alibaba, Berkshire Hathway and SAIF partners.