Gamezop, a smartphone gaming startup, has today announced that it has raised $350,000 in seed funding round from a group of investors, including talent management firm Kwan, Snapdeal Chief Product Officer Anand Chandrasekaran and others.
Other investors who participated in this funding round includes redBus co-founder Phanindra Sama, 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.
The funding raised this round will be used by the company to further build up its technology, distribution alliance and talent acquisition.
Founded in 2015 by Yashash Agarwal and his brother Gaurav Agarwal, 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.
Commenting about this funding and startup, Anirban Das Blah, managing director of Kwan, said,
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.
Yashash Agarwal, co-founder of the company, said,
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. We are already working on exciting distribution alliances and will build an open platform to piggyback on existing networks.
According to some 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 this year.