Mumbai-based gaming startup PlayerzPot has raised $3 Mn in a Series A round of funding. With the fresh capital, the company plans to accelerate technological innovation, enhance the brand building and expand the team. However, there are no details on the names of the investors.
PlayerzPot plans to utilise the funds to its verticals, introducing various innovative concepts to enhance user experience, make advancements in RMG and overall brand building, the company said in a statement.
Founded in 2015 by Yogesh Doiphode and Mitesh Gangar, PlayerzPot claims to have recorded 3x growth in its revenue and 2x growth in its user base during the recently concluded IPL 2020 season. The startup claims to have recorded its highest growth from Tier II and Tier III towns and cities of India.
Yogesh Doiphode, the founder of PlayerzPot, said, “The online gaming industry in India is growing tremendously and is expected to multiply at an unprecedented rate. There is huge untapped market potential, and the funds will help the brand scale higher while also paving the way for the latest innovations.”
Raingames, ballebaazi and few others are some of the competitors of PlayerzPot.
Recently, PlayerzPot roped in cricketers Bhuveshwar Kumar and Smriti Mandhana as its brand ambassadors. With more than two million users, the platform aims to carve out a niche through a highly responsive and customer-centric approach. It offers users an immersive experience and is regularly adding an exponential number of users in the framework of an organic growth trajectory, the company said in a statement.
Mitesh Gangar, cofounder of PlayerzPot said, “Through this funding, we aim to strengthen our leadership position in the industry. We have received an overwhelming response from the Tier 2 and Tier 3 cities and the popularity of the platform among the core fantasy segment is constantly rising which according to me shows the mettle of the entire company. Our vision is to become the best destination in India for games of skill and we are confident about the bright future of this segment.”