29 Aug 2020 shivani

Gamezop raises Rs 32 Cr in Series A round led by BITKRAFT Ventures

Delhi-based Gamezop, a multi-game platform, raised Series A funding of Rs 32 crores ($4.3 million) from BITKRAFT Ventures, Velo Partners, and FJ Labs.

BITKRAFT is an e-sports fund, and Velo Partners is a real-money gaming fund that has backed platforms like Adda52 and Junglee Rummy.

Gamezop embeds HTML5 games licensed from developers, in apps like Myntra, Grofers, ShareChat, and PhonePe. This helps these popular apps to improve their average user engagement time. As per a report in Your Story, apps have experienced an average 40 increase in their user engagement time. These games enable users to play games on partner apps casually or for cash.

Gamezop, without any spending, gains new users through the distribution networks of its popular partner apps. The company, however, shares 50% of its revenue earned through these games with the partner apps.

Gamezop was founded in 2015 by brothers Yashash Agarwal (CEO), and Gaurav Agarwal (Co-founder), and since then, it has partnered with over 1600 apps.

The funds raised in Series A round will be used to grow the company’s presence in mobile eSports and to venture in overseas markets by partnering with apps in those markets.

Yashash said, “Growth of mobile esports is truly democratising the access to competitive gaming and the ability to win real rewards. We decided to take it one notch further by going HTML5 and eliminating the need to force app sideloads – saves us a lot of money and our users a lot of friction.”

As per the report in Your Story, Gaurav said that the company aims at partnering with a total of 5000 apps by 2021. He added, "At current levels, our revenue numbers are expected to grow five to six times in the next 12 months. We are also exploring other formats of real money gaming as well as free-to-play gaming. With the present user base of 34 million monthly active users, we have the numbers to test any new gaming format and analysing results quickly."

Gamezop is owned by Advergame Technologies. In 2016, the company raised $350,000 in a seed funding round.

Commenting on the recent investment, Malte Barth, Founding General Partner, BITKRAFT said, “We have been looking to enter the Indian gaming market for a while and with Gamezop, the factors that excite us the most came together nicely – proven model ready to scale, extreme capital efficiency, solid product moat, and an unfair advantage in user acquisition. That Gamezop could scale to over 34 million users in a highly competitive space, while being profitable and with minimal external capital highlights the team’s capabilities to be a major internet company.”

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