WinZO, a gaming startup looking to capitalize on the gaming industry’s boom, has announced it raised $65 million in a Series C funding round.
Led by California-based Griffin Gaming Partners, the successful Series C brought the startup’s total funding to $90 million. This includes $18 million in funding received in a Series B round 6 months ago from Makers Fund, Courtside Ventures, and Bain Capital.
For Griffin Gaming Partners, this represents the first investment in India. Founded back in 2019, the firm has invested in some of the most successful gaming-related companies like Discord and Overwolf, as well as several other video game studios and publishers.
WinZO offers games available in 12 languages across different genres, including casual, card, esports, and battle royale. All of these games offer multiplayer categories and include products developed by third-party developers.
Paavan Nanda, WinZO co-founder, referred to the startup’s plans for the new funding by stating:
“With this raise, we plan to grow much faster and become an even more lovable product for our consumers. 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.”
Speaking about the investment, Griffin Gaming Partners Co-founder Nick Tuosto referred to the startup’s “incredible” retention and monetization history, which he believes will set it up for “explosive growth”. This is backed by WinZO’s revenue having grown tenfold over the past year, as well as increasing its partnerships with developers to more than 100.
The startup partners with third-party developers to allow the in-game integration of its social gaming platform, which allows them to host games on their android app. As a result, over 2.5 billion microtransactions are taking place per month across 70 different games, with more than 50 million registered users.
With the gaming industry booming, the India-based gaming startup is just the latest example of the increasing interest by institutional investors in the gaming industry. In recent days, Singularity 6 also announced the completion of a multi-million funding round.