Paytm First Games raises ₹140 crore for expansion

PTI New Delhi | Updated on October 03, 2019 Published on October 03, 2019

Paytm First Games on Thursday said it has raised $20 million (about ₹140 crore) from parent firms, AGTech and One97 Communications, for further expansion.

The fund will support the company’s ambition to scale its operations, invest in technology and further expand its user base through various marketing activities, a statement said.

“In the last six months, we have launched several games across different genres and the response has been encouraging. We now have more than 35 million registered users playing their favourite games, including the paid ones like Rummy and Fantasy Cricket. This fund-raise will support our ambition to become India’s largest gaming platform, which in turn makes gaming a rewarding experience for our users,” said Paytm First Games’ COO, Sudhanshu Gupta.

Paytm First Games is a joint venture between Alibaba group firm AGTech and One97 Communications.

The company had raised $16 million (about ₹110 crore) in the previous round and is expanding its presence among gaming enthusiasts faster than any other player in the industry.

Paytm First Games claims to have achieved more than 10 million monthly transactions with an annual revenue run rate of $50 million (about ₹350 crore).

Published on October 03, 2019
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