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Total amount raised
$75 Million
Latest funding date
2022-03-30
Location
Games24x7 has raised USD 75 million across two disclosed funding rounds. The most recent was led in March 2022 by Malabar Investment Advisors at a USD 2.5 billion valuation, with Tiger Global and The Raine Group participating. The Mumbai-based company operates the RummyCircle and My11Circle gaming platforms, which moved to free-to-play formats after India's Promotion and Regulation of Online Gaming Act, 2025 prohibited online real-money gaming.
What Is Games24x7?
Games24x7 (Play Games24x7 Pvt Ltd), based in Mumbai, India, is a privately held digital gaming company founded in 2006 by Bhavin Pandya and Trivikraman Thampy. It operates RummyCircle, My11Circle, and Wowzy, and historically specialized in real-money skill gaming, daily fantasy sports, and casual gaming.
The company's real-money business was prohibited by India's Promotion and Regulation of Online Gaming Act, 2025, passed August 21, 2025 and enforced from May 1, 2026. Headcount fell sharply: Tracxn recorded 777 employees as of July 31, 2025, and Outlook Business reported roughly 500 of a 700 to 750 person workforce were being let go.
How Much Funding Has Games24x7 Raised?
- Series Unknown
- Amount Raised: USD 75,000,000
- Date: March 2022
- Lead Investors: Malabar Investment Advisors (with participation from existing investors Tiger Global and The Raine Group)
- Valuation at Round: USD 2.5 billion
- Motivation Behind the Round: To capitalize on India's growing online skill gaming market and accelerate user growth, content development, and technological capabilities.
- Seed
- Date: June 2006
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop initial gaming platforms.
Total Amount Raised: USD 75,000,000. Current Valuation: USD 2.5 billion at the March 2022 round; no updated valuation has been disclosed since the real-money gaming ban. As of September 2026, the company's latest disclosed round is its March 2022 round, listed as Series Unknown, led by Malabar Investment Advisors.
Key Investors
- Malabar Investment Advisors
- Details: Malabar Investment Advisors led the March 2022 USD 75 million round for Games24x7. Managing Director Sumeet Nagar praised the company's growth metrics.
- Investment Focus Areas: High-growth companies, strong acquisition and retention metrics, data science capabilities.
- Notable Investments: Not publicly disclosed.
What's Next for Games24x7?
The company's near-term direction is set by regulation. India's Promotion and Regulation of Online Gaming Act, 2025, passed August 21, 2025, prohibits online real-money gaming, and enforcement began May 1, 2026. RummyCircle and My11Circle suspended paid contests and moved to free-to-play formats. Constitutional challenges to the Act are pending before the Supreme Court. It separately upheld the 28% GST on the full face value of deposits for online money games on May 27, 2026.
Games24x7 has restructured around the smaller free-to-play business, cutting about 180 roles in May 2025. A second round began in September 2025 that Storyboard18 put at roughly 400 jobs and Outlook Business at about 500, around 70% of its workforce. The company continues to run its TechXpedite accelerator, which named 17 startups in January 2025. No new funding has been disclosed since the March 2022 round.
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