Paytm First Games in talks to raise investment: Report

Paytm Fantasy Platform,Alibaba Group,Paytm First Games,Paytm First Games investment,Sports Business News India

Paytm and Alibaba Group-owned AGTech joint venture Paytm First Games will raise $25 million from new investors. The potential investors engaged in talks include SAIF Partners and another Hong Kong-based entity, Indiatimes.com has reported quoting two sources “briefed on the matter”.

Paytm First Games, launched as Paytm Gamepind in 2018, will become the second One97 Communications Ltd entity after Paytm mall to raise capital from external investors.

Paytm First Games offers a mix of free and paid games, which compete with the likes of Sequoia Capital India and Times Internet-backed Mobile Premier League and Dream11..

AGTech is a leading high-tech Alibaba Group company that specialises in sports leisure and sports lottery in China and Hong Kong. On the front of sports leisure business, AGTech has obtained an exclusive authorisation by the Chinese authority to act as the sole operator to organise, manage and operate all relevant official commercial activities for e-sports development in the country. They propose to offer full range of e-sports products and services which include: organising China E-sports Premier League (CEPL) and Shenzhen E-sports Open Event; establishing and maintaining the official and commercial website(s) (www.e-sports.org.cn); organising training for athletes and referees; broadcasting of tournaments; provision of management services for athletes; setting up of clubs and training centres; and sales of souvenirs and gifts, etc.

Paytm will invest the funding to build a bouquet of products under the Paytm First brand. Paytm and AG Tech have invested $ 16 mn in their joint entity Paytm First Games.

“We now have about 30 million users on our platform with half of them being monthly active users. On our paid games, people spend around ₹4,000 on games like Rummy, while the spends are to the tune of ₹ 400 in fantasy leagues, etc.,” Paytm gaming unit COO Sudhansu Gupta has told Indiatimes.com.

According to Gupta, the Paytm gaming unit has an annual revenue run-rate of $50 million. The company is looking to double down on its current team size of over 150 people as it looks to invest in its technology platform and build e-sporting events too.

Also Read: Paytm’s Gamepind reaches 30 mn registered users

Paytm gaming platform Gamepind named FirstGames

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