USD 131.1 Million was invested in the Indian online gaming sector in 2020. This was the highest in the last six years and the funding for firms has also increased to 11 companies in 2020.
According to a report by Tracxn, in the year 2020, USD 131.1 Million was invested in the Indian online gaming market. Tracxn is a firm that tracks finances of private companies, start-ups and investments. The online gaming companies include the brands that host one or many sports on online platforms.
As per the report by Tracxn, brands like RummyCircle.com, WinZO, Ability Games, MPL, Gamezop, etc. are among the top five online gaming platforms that have the highest valuation. Mobile Premier League, (MPL) is a mobile only platform that hosts games of various categories ranging from fantasy cricket to Ludo, chess among others. On the other hand, RummyCircle.com is an online rummy platform that lets players engage with the game on both laptops and mobile phones.
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While talking about the growth of online gaming, MPL co-founder and CEO, Sai Srinivas said, “In India, the gaming industry has been on an upward trajectory for over three years. The lockdown in 2020 was one of the reasons for the rise of this industry which eventually resulted in great user engagement on skill gaming and esports platforms.”
He further added, “The focus also turned towards apps and products that were made by Indians for Indians. This led to an increase in Indian game developers, studios and investors.”
Saumya Singh Rathore, co-founder of WinZO Games added, “Along with this, the ban on Chinese apps in India proved to be a greater opportunity for Indian companies to fill the void. The ban imposed on applications like TikTok, PUBG, Helo etc. has made the masses look for alternative means for entertainment and this eventually led to the rise in the launch of indigenous products in India.”
The number of companies that were indigenously designed and founded by Indians was 19 in 2020, which was the highest when compared with countries such as China, UK, and the US. For more such articles, keep reading GutshotMagazine.com. Follow us on our social handles Facebook, Instagram, and Telegram.