Smartphone gaming startup Gamezop raises seed funding of $350,000 from Kwan.
By Biswarup Gooptu, ET Bureau | 17 Feb, 2016, 02:44 AM IST.
Smartphone gaming platform Gamezop has raised $350,000 (about Rs 2.4 crore) in seed funding from a consortium of new and existing investors, including, talent management firm Kwan,Snapdeal Chief Product Officer Anand Chandrasekaran and redBus co-founderPhanindra Sama, among others.
Other investors in the latest round include, existing backer, US-based venture capital firm Powerhouse Ventures, Vinay Menon, the head of equity capital markets of JP Morgan India, startup analytics firm Tracxn and German seed fund AECAL.
Founded in 2015 by 20 year-old Yashash Agarwal and his brother Gaurav, who was formerly with Bain & Co, Delhi-based Gamezop is a mobile app-focused, social network for casual games, with users given new games on a weekly basis, which can then be played without the need to download the same.
"Kwan is in the business of helping consumers find content and products that engage and entertain them... Gamezop we felt had the potential to be a game changer for the gaming industry in India. It wasn't enough to work with them; we wanted and needed to be a part of their journey in a more meaningful way," said Anirban Das Blah, managing director of Kwan.
Proceeds from the latest round of funding will be used by the company, which was also part of former Reliance Entertainment President Rajesh Sawhney-led GSF Accelerator's 2015 mobile accelerator programme, towards further building up its technology, distribution alliance and talent.
"Content-light platform plays have been most scalable in the digital consumption space. However, in gaming one only hears of individual titles. We are building a platform to make gaming reach the inflection point that the others have already witnessed," Agarwal said.
Separately, Agarwal has also represented the country at the prestigious Thiel Summit in San Francisco.
According to industry estimates, India's still-nascent and largely-untapped mobile gaming segment is growing at a compounded annual rate of 135%, and is estimated to touch $600 million (about Rs 4,088 crore) this year.
"The Chinese market, at 15 times our size, is massive... We are already working on exciting distribution alliances and will build an open platform to piggyback on existing networks," Agarwal said.