Rummy-focussed gaming platform RummyBaazi.com, operated by Baazi Games, has raised $2 million (about Rs 14.9 crore) in seed funding from early-stage venture capital fund Udtara Ventures.
RummyBaazi.com will use the capital to boost product development and expand its marketing efforts, the New Delhi-based company said in a statement.
Baazi Games is a subsidiary of Moonshine Technology Pvt. Ltd. It runs gaming platforms such as RummyBaazi.com, the cricket-focussed BalleBaazi.com and poker-based PokerBaazi.com. Udtara had invested $2 million in BalleBaazi in 2019, as per the statement.
RummyBaazi.com began operations last year and claims to have a user base of over five lakh players.
Baazi Networks was set up by Navkiran Singh in 2014. RummyBaazi.com is led by chief executive Sunit Warriach.
“The team [Baazi Networks’ leadership] has been part of the real money gaming space for over a decade now, and we believe that their knowledge and industry experience will help Baazi Group to emerge as a market leader with a unique position as a full-stack RMG [real money games] platform,” Udtara Ventures chairman Rajiv Chaurasia said.
Udtara is a proprietary fund run by members of KP group, which has interest in the maker of Kamala Pasand pan masala. The group also has a presence in logistics, distribution and real estate sectors.
According to its website, Udtara has a fund size of $20 million and chases investments in new-age, early-stage tech startups. It seeks to back companies eyeing seed to pre-Series A capital, though it also looks to co-invest at the Series A stage.
Separately, Singh said the rise in the consumption of online gaming platforms had made it essential for companies like RummyBaazi to expand their product portfolio to cater to audience needs.
The capital infusion is the latest example of a real-money based gaming platform raising money from investors. Other startups that have raised money in this space include Dream11, Livepools and HalaPlay.
