Gaming Startup Raises Funds to Launch Online Marketplace
- The startup will use the capital to deepen market reach and product development, along with hiring global talent and launching an online marketplace;
- The startup allows users to play skill-based and real money games including fantasy cricket, rummy and poker, with the option of hosting an audio chat and video conferencing; and
- With the second-largest smartphone user base and rising internet penetration due to cheap data rates, the Indian gaming industry is expected to cross $1.6 Bn by 2025
As India witnesses a boom in online gaming across the genre, not only big players such as Dream11 and Nazara are pocketing big funds, younger startups such as WinzO and Zupee have also raised funding recently. Now, gaming platform Awon GameZ also joins the club as it has received a funding of $2 Mn.
The startup stated that it will use the capital raised from family offices at the nascent stage of the startup that will be launched soon, to deepen market reach and product development along with hiring global talent.
Founded by Amardeep Bajpai, the platform allows users to play skill-based and real money games including fantasy cricket, rummy, and poker with the option of hosting an audio chat and video conferencing with their friends to create a real-life personalised experience.
According to Bajpai, “Any player has a 50% odds of winning in real money gaming, which is way higher than any other platform. All you need are sets of skills to increase your winning possibilities.”
The startup is also looking to introduce an online marketplace that caters to the requirements of its users and gamers in general. On a wider scale, Awon GameZ is aiming to clock 10 Mn users by the end of the year.
While it used to be a steady trend in the West, the gaming fever has caught on in India as well with the rise of a serious following among the youth. In fact, gaming is today considered one of the most lucrative business sectors in India. According to a report by KPMG, the gaming industry is likely to see robust growth from INR 43.8 Bn presently to INR 118.8 Bn by 2023, a growth rate of 22.1%.
A major part of the success of the Indian gaming industry is due to the mobile gaming sector. As per Inc42 Plus analysis, India stands in the sixth position in the global mobile gaming market with market size of $1.2 Bn in 2020.
With the second-largest smartphone user base, and rising internet penetration due to cheap data rates, the Indian gaming industry is expected to cross $1.6 Bn by 2025. Another significant reason behind the potential growth of the gaming sector in the future is the establishment of 5G in the country.
SOURCE: Inc42.Tags: Gaming Startup, Indian gaming industry