An online skill based gaming startup based out in Delhi, 9stacks has made an announcement that it has successfully closed the Series A round of funding after raising $3.84 Mn which were led by WaterBridge Ventures. Astarc Ventures along with other investors also participated in the round.
The funding will be used by 9stacks for expanding it team and also to build its technology platform. It will also use to ramp out the user acquisition, data analytics, machine learning, and product and market expansion.
The company 9stacks was founded in the year 2017 by Rishabh Mathur, Abhinav Nigam, Pratik Kumar and Sudhir Kamath. It is a real-money skill-gaming platform focused on technology development and branding/marketing in the space of real money online gaming in India.
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The CEO of 9stacks, Sudhir Kamath says that “With Waterbridge Ventures becoming the lead investor in our Series A fundraise, we are delighted to announce that 9stacks is India’s first online poker company to reach this funding milestone. We want 9stacks to be the preferred platform for poker in India, especially for new players, where anyone can discover, learn and play poker, any time, anywhere.”
The platform is aiming the online poker where the users will be able to learn and also play the games online thereby earning money. The company has been offering its online game services in different 24 states of the country. The games also include rummy and the fantasy league contests along with poker.
The managing partner of WaterBridge Ventures, Manish Kheterpal said, “India is at the cusp of massive online gaming adoption with an exponential increase in players and revenue expected in this sector. Real Money Gaming will have a significant wallet share of online due to ubiquitous mobile access, increasing disposable income, convenience and superior user experience.”
In December 2017, the company even raised the seed funding
of $1.55 Mn from the clutch of investors those include Swati Gupta the founder of IndustryBuying, Purnima Khandelwal, founder of INI Farms, Maheshwer Peri,founder, Careers360 and Kartik Sheth the chief executive, Wynk Music. As we all know that the online gaming industry in India has been growing by leaps and bounds there is very good scope for the players to try their luck in space.