Gaming startup Zupee scoops up $72 million in latest round of funding, valuation hits $600 million

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Online real-money gaming platform Zupee recently raked in $72 million as part of a larger funding round from Mumbai-based fund Nepean Capital. Zupee is popular for using popular games and reengineering them for mobile devices by making them competitive, engaging and entertaining.

With the latest round of funding, Zupee now stands total of $102 million, valuing the company at $600 million. The company was already supported by two investors Orios Venture Partners and Matrix Partners India and with Neapean Capital coming into the picture, its portfolio has become even stronger.

Founded in 2018 by Dilsher Singh Malhi and Siddhant Saurabh, Zupee is a mobile-based app for both Apple’s mobile operating system iOS and Google’s Android, allowing users to play quiz tournaments across a range of topics. The company has registered over 70 million downloads in India and the new capital raise will help it grow its reach significantly. 

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Notably, the startup raised $30 million from Silicon Valley-based WestCap Group and Tomales Bay Capital in August. In total, the three-year-old company has scooped up $121 million till now. 

The company joined forces with Reliance Jio Platforms, after which Zupee games began to distribute its content across all customers using Jio phones. Zupee is targetting the non-metro market with Reliance’s low-priced 4G and 5G handsets. 

The gaming platform is set to use the funds for developing new products, enhancing immersive design experiences, expanding into new geographies, ramping up marketing, reach, penetration, research and innovation, and hiring top talent. 

Zupee’s Singh, in a statement, shared, “Jio is the perfect partner for this journey as we look to penetrate the remotest areas of India all the way to the most disadvantaged people to bring them into the fold…”