Online gaming platform BuyStars has announced a $5 million acquisition in a pre-series Round A led by venture capital (VC) firm Lumikai in order to expand its staff and develop new games.

Leo Capital and Chiratae, two current investors and tech-focused Venture Capitalists, which came onboard during the US $4 mn seed round in December 2021 also took part in the round. Lumikai, infamous for investing in various gaming platform, have not disclosed valuation of BuyStars.

Chief Executive for BuyStars, Aman Satija have claimed that the fantasy games and trump cards platform could become profitable in the following year and a half, and eventually grow from its current 35-member staff to roughly 60.

Talking to Reuters, Satija said that the firm plans to hope to increase its monthly gross merchandise value, or the amount of items sold through a platform, by ten times over the course of the following year through new games releases.

While India does have most numbers of gamers and gaming app download, many states have banned games like online rummy and poker even after the Supreme Court have labelled them as games of skill.

Founding General Partner of Lumikai, Salone Sehgal said, “There are certain states which have taken different approaches and that is to be expected in a market as diverse as India.” These measures among the huge population is “part of the course.”

With the ongoing debate over the Online Gaming after the Governor returned the online gaming ban bill. The state government has also revealed that the same bill will be passed again in the Legislative Assembly and sent back to the Governor on Monday, March 20.