GetMega, skill-based real-money gaming startup, raises $15 million in Series B round

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Given the unprecedented growth of online gaming companies like Dream11, MPL, Nazara Technologies, and WinZo Games, the real money gaming market in India has been on an all-time high. The online gaming industry is expected to grow at a compound annual growth rate (CAGR) of 40% to $2.8 billion by 2022 according to a Deloitte India report.

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With mergers, acquisitions, and deal-making in the space picking up, skill-based real-money gaming startup GetMega too announced it has raised $15 million in its Series B round from Nexus Ventures, Accel India, and Hashed Venture Fund. The startup had earlier raised $9 million from Nexus Ventures and Accel India in its angel and Series A round.

As per GetMega’s regulatory filings, the Bangalore-based company has raised Rs 113 crore or $15 million in May, June, and September in which new investor Hashed Venture has put in Rs 51.35 crore or $7 million while Nexus and Accel have invested $4 million each in two tranches respectively.

The company’s valuation initially stood at around $25 million during its Series A and considering Fintrackr’s estimates, GetMega has raised funds at a valuation of Rs 550 crore or close to $75 million which is a significant jump.

Launched by Mayank Kumar and Lokesh Jangid in early 2018, GetMega offers skill-based games across cards, casual, and trivia categories. Described as a social gaming platform, GetMega is reliant on other social and messaging platforms like YouTube, WhatsApp, and Instagram for distribution.

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Post the allotment of fresh shares, founders Mayank Kumar and Lokesh Jangid’s collective stake in the company has been reduced to 42.02%. Accel has emerged as the largest stakeholder among investors, controlling 23.62% followed by Nexus and Hashed who have 19.62% and 9.28% stake respectively.

Earlier in the month, there was news about Dream Sports, the parent company of Dream11, being in talks to raise $400 million in a funding round that is likely to see participation from new and old investors. This funding round will help shoot the company’s valuation from $5 billion to $8.5 billion.

In March, Dream Sports had raised a capital of $400 million from investors such as TCV, D1 Capital Partners, and Falcon Edge before the IPL.