WinZO announced that it has raised $65 million in a Series C funding round led by California-based Griffin Gaming Partners. The company has now raised a total of $90 million, including the $18 million it received six months ago from existing investors Makers Fund, Courtside Ventures, and Bain Capital’s co-chairman Steve Pagliuca, reported ET. Griffin is making its first-ever investment in India in WinZO. Phil Sanderson, Co-Founder of Griffin Gaming Partners, will join WinZO’s board of directors.
“With this raise, we plan to grow much faster and become an even more lovable product for our consumers,” said Paavan Nanda, co-founder, WinZO. “WinZO is poised and strategically well-positioned to be one of the first ‘Made in India’ products that will rule the world in coming years.”
Founded in early 2018 by Nanda, WinZO partners with third-party developers to host games on their Android app. Its platform, currently available in 12 languages, facilitates over 2.5 billion micro-transactions per month across a portfolio of over 70 games. The company has over 50 million registered users.
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“We are excited to make Griffin Gaming Partners’ first investment in India backing WinZO, the company behind the largest social gaming app in the country,” said Nick Tuosto, co-founder, of Griffin Gaming Partners and managing director and head of Gaming at LionTree. “The company is led by best-in-class management with an extraordinary product vision. We saw in WinZO’s games incredible retention and monetization metrics we believe set the company up for continued explosive growth and are proud to support the team on the journey.”
WinZO which was established in 2018 said it has grown its revenues tenfold over the last 12 months. It has partnered with over 100 leading game developers to realize the full potential of the Indian mobile gaming market through in-game integration of WinZO’s social gaming framework.
While WinZO Games’ revenue in FY21 is expected to grow at a quick pace as adoption and consumption of digital gaming has increased multifold in the past year, the company’s revenue had jumped 600% in FY20 to Rs 26.72 crore. Its losses for the year ending March 2020 stood at Rs 26.68 crore.
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