SUMMARY
The startup aims to expand its user base to reach 1 Mn users in the next three quarters
It is also looking to penetrate deeper into tier 1 and tier 2 cities across the country, and South-East Asia
In December last year, it had raised funds from Trishneet Arora, the founder of TAC Security
Oneiric Gaming has raised funds from actor Rannvijay Singha in a bid to expand its user base.
A company statement said that it aims to expand its user base to 1 Mn users in the next three quarters. It is also looking to expand through tier 1 and tier 2 cities, and aiming for South-East Asia too.
It has however not disclosed the amount raised from the actor.
Commenting on the investment, Singha said, “I am committed to being involved in the company’s strategy and empowering it to become the unicorn of the gaming universe.”
Avneet Singh, founder and director of Oneiric Gaming said, “The company will focus on creating a thriving sports, dream, cards and knowledge games that goes beyond gaming. We see a massive opportunity in going deep into cards and sports games like football, basketball, and more skilled based card games, which is what we are aiming to build in the future funding.”
Founded in 2020, by Avneet Singh, Oneiric has attracted more than 100,000 users with its in-house applications, since its inception.
In December last year, it had raised funds from Trishneet Arora, the founder and CEO of TAC Security.
It offers a number of games including its flagship product Bluff, a card game, along with Mr. Bumper, Math Twister, RaceX, Cricket Death Overs.
The statement said that In the near future, the company would enable users to buy coins in the Bluff Cards Game and cash them on different platforms like a digital currency. Using these tokens, users can play in-house games like Bluff and win prizes every week, it added.
Sunrise Sector
The online gaming market in India is witnessing robust growth. The industry, worth $543 Mn in 2016, grew by 17.3% to reach $1.027 Bn in 2020, according to a report by EY-All India Gaming Federation (AIGF).
The Oneiric statement said that by 2025, analysts predict the industry will generate more than $260 billion in revenue.
The flow of funds into the gaming startups has also been going strong so far. Last month, sportstech unicorn Dream Sports, which runs fantasy gaming platform Dream11 raised $840 Mn in a funding round led by Falcon Edge, DST Global, D1 Capital, Redbird Capital and Tiger Global at a $8 Bn valuation.
Another fantasy game major Mobile Premier League (MPL) turned into a unicorn in September as it closed its Series E round by raising around $150 Mn from Legatum Capital, Accrete Capital and Gaingels LLC, at pre-money valuation of $2.3 Bn.
