Esports Startup GamerJi Raises Funding To Enter SEA Market

Esports startup Gamerji has raised $3 Mn in a Pre-Series A funding round from GVFL and existing investor Unicorn India Ventures. 

Including the current fundraising, Gamerji claims to have raised a total of $5 Mn to date.

Founded in 2019 by Soham Thacker, this Ahmedabad-based startup allows gamers to compete, host esports tournaments and interact with other users.

Gamerji said that it aims to bridge the gap between amateur and professional gamers via esports tournaments.

“Gamerji is India’s leading platform for esports gaming tournaments and we are excited to support such a dynamic organisation. Gaming is one of the fastest-growing industries in India with mobile gaming dominating the sector, accounting for more than 90% of it. Together, we aim to help them expand their footprint and digital presence across the globe,” said Kamal Bansal, managing director of GVFL.

In the past 12 months, Gamerji claims to have created a user base of 4 Mn. Besides, it also began global operations in the UAE and Saudi Arabia, which host more than 100K users. 

The startup said that as per FICCI-EY report, the online gaming segment is expected to reach INR 153 Bn by 2024 at a CAGR of 15% to become the fourth largest segment of the Indian M&E sector, driven by innovations across NFTs, the metaverse, and esports. 

“Gamerji has had a head start and we have already launched in the Middle East. We are also in the process of rolling out in newer geographies and fresh infusion of capital will help us meet our growth targets ahead of timelines,” said Soham Thacker, CEO and founder of Gamerji. 

The startup aims to build a large user base in India and organise cross-border esports tournaments in other countries. It further asserts that it hosts more than 400 tournaments every day across 22 gaming titles including BGMI, Free Fire Max, Call of Duty Mobile, Clash Royale and CS:GO, among others. 

The startup plans to use the fresh funds to expand in the MENA region and foray in the SEA market, beginning from Indonesia and Philippines. It further plans to use funds to develop tech solutions and enhance the online gaming experience.  

According to an Ernst & Young report, the Indian esports market is set to become INR 1,100 Cr by financial year 2022 (FY22), generating a total economic value of INR 10,000 Cr between now and FY2025.

Listed startup Nazara Technologies, Alpha Wave Global-backed FanClash and WinZO are some of the esports startups working in the space. 

In the previous month, Nazara posted that it clocked a profit of INR 17.4 Cr in Q2 FY22-23, up by 13.7% YoY from INR 15.3 Cr profit made in the corresponding quarter last year. Meanwhile, its operating revenue raised from INR 129.6 Cr (in Q2 FY21-22) to IN.R 263.8 Cr in Q2 FY23.

In June, FanClash secured $40 Mn in Series B round led by Alpha Wave Global. Sequoia Capital India, Info Edge and Polygon also participated in the funding round.

During the same month, WinZO bought a majority stake in Upskillz Games in an all-cash deal. 

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