Total amount raised
$121 Million
Latest funding date
1/1/2022
Location
Zupee has successfully raised funds through five rounds, with the latest being a Series B round involving six investors. The company has also made strategic investments, including a seed round in Anthriq, and has acquired Nucanon.
With eight investors backing its innovative platform, Zupee continues to expand its portfolio and influence in the online gaming industry. Keep reading to explore the intricacies of Zupee's fundraising journey and the investors supporting this dynamic company.
What Is Zupee?
Zupee is an online gaming company based in Gurgaon, Haryana, India. It operates in various industries, including apps, digital entertainment, gamification, gaming, and the internet. The company has a significant workforce, with an employee count ranging between 251-500.
Specializing in real money-earning skill-based games, Zupee offers a variety of free online games such as Ludo, Carrom, and Snakes and Ladders. The platform emphasizes strategic gameplay and short matches, making it accessible on multiple devices. Zupee has transitioned to offering only free-to-play games following regulatory changes in 2025.
How Much Funding Has Zupee Raised?
- Seed Round
- Amount Raised: USD 1,000,000 (approx. INR 69,000,000)
- Date: April 2019
- Lead Investors: Smile Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Zupee's gaming platform and initial market entry.
- Series A Round
- Amount Raised: USD 8,000,000
- Date: April 2020
- Lead Investors: Z47
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's features and increase user acquisition.
- Series A Round
- Amount Raised: USD 10,000,000
- Date: January 2021
- Lead Investors: WestCap
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance the gaming experience and scale operations.
- Series B Round
- Amount Raised: USD 30,000,000
- Date: August 2021
- Lead Investors: Tomales Bay Capital, WestCap
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop new products and expand into new geographies.
- Series B Round
- Amount Raised: USD 72,000,000
- Date: January 2022
- Lead Investors: Nepean Capital
- Valuation at Round: USD 600,000,000
- Motivation Behind the Round: To enhance design experiences, ramp up marketing, and hire new personnel.
Total Amount Raised: USD 121,000,000. Current Valuation: USD 600,000,000.
Key Investors
- Nepean Capital
- Details: Nepean Capital is a Mumbai-based investment firm that focuses on high-growth companies. They led Zupee's Series B funding round, contributing $72 million.
- Investment Focus Areas: High-growth companies across various sectors.
- Notable Investments: Not publicly disclosed.
- WestCap Group
- Details: WestCap Group is a growth equity firm that invests in technology-driven companies. They participated in Zupee's Series B funding round.
- Investment Focus Areas: Technology-driven companies, innovative business models.
- Notable Investments: Airbnb, StubHub.
- Tomales Bay Capital
- Details: Tomales Bay Capital is an investment firm focusing on high-growth opportunities. They invested $30 million in Zupee in August.
- Investment Focus Areas: High-growth companies.
- Notable Investments: Not publicly disclosed.
- Matrix Partners India
- Details: Matrix Partners India is a venture capital firm that invests in early-stage companies in India. They are an existing investor in Zupee.
- Investment Focus Areas: Early-stage companies in technology, consumer sectors.
- Notable Investments: Ola, Practo, Quikr.
- Orios Venture Partners
- Details: Orios Venture Partners is a venture capital firm that invests in early-stage startups in India. They are an existing investor in Zupee.
- Investment Focus Areas: Early-stage startups, technology sector.
- Notable Investments: Pharmeasy, GoMechanic.
What's Next for Zupee?
Zupee's strategic partnership with Jio Platforms opens up a vast opportunity to tap into Jio's extensive user base, potentially reaching millions of new users. This collaboration, combined with the growing popularity of skill-based gaming, positions Zupee to significantly expand its market presence. The company plans to leverage this partnership to penetrate non-metro markets, utilizing Jio's affordable 4G and 5G handsets.
Future fundraising opportunities appear promising, given the strong investor interest demonstrated in the recent $102 million Series B funding round. As Zupee continues to develop new products and enhance user experiences, it is well-positioned to attract further investments. The gaming industry's growth and the increasing penetration of 5G technology further bolster these prospects.
However, Zupee may face challenges such as intense competition from other gaming platforms and navigating regulatory hurdles in the real money gaming sector. Ensuring seamless integration with Jio Phones and maintaining user retention in a competitive market will be crucial for sustained growth. Despite these challenges, Zupee's innovative approach and strategic partnerships provide a solid foundation for future success.
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