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Pocket52 raises $1.75 million in Series A Funding from Gameskraft Poker
Nitya Jain
Posted on 04 Jun, 2020
By Nitya Jain
On 04 Jun, 2020
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By Nitya Jain
On 04 Jun, 2020
Share

Pocket52 raises $1.75 million in Series A Funding from Gameskraft


India’s first cryptographically secured RNG algorithm based online poker site, Pocket52 was launched in 2018 by Nitesh Salvi, Debashish Bhattacharjee, Satyam Verma, and Nitesh Salvi. The site has been going from strength to strength since its inception, breaking records along the way with more than 100,000+ monthly active users, where 70% are repeat customers. The company’s user base has grown 5 times in the last 3 months since the pandemic.

Two years later Pocket52 has raised $1.75 million as part of its Series A funding, from game publisher Gameskraft, another fastest growing game development company based in the country bringing in world-class experience to Indian gamers. However, the poker platform will use the funds to enhance its technology framework, users and scale business operations as they plan to step into the international market in near future, providing solutions through their B2B services.

Pocket52 raises $1.75 million in Series A Funding from Gameskraft

“With Gameskraft on board as the lead investor, Pocket52 now has the additional operational, technological, and commercial flexibility to develop innovative and exciting new partnerships and offer a broader customer choice,” said Nitesh Salvi, CEO and co-founder of Pocket52.

Planning to add more gaming platforms to its poker network which currently comprises of partners, including a popular online poker platform Calling Station, Nostragamus and in February 2020, they also joined hands with leading fantasy sports company Mobile Premier League (MPL).

“With the skill-based Real Money Gaming (RMG) space in India gaining whirlwind momentum especially in online poker, we are positive about our association with Pocket52. We are confident that the future holds huge growth potential as the concept of shared liquidity pool is introduced in this market,” said Ramesh Prabhu, CFO of Gameskraft.

However, the company has secured funds previously as well. Pocket52 raised over $600,000 in seed funding from Speciale Invest. The Bengaluru-based startup is looking to raise close to $10 million of institutional funding in the next three to six months to build newer gaming offerings including Rummy.

The poker platform has been crushing its guarantee from the last few months with bigger offerings. In the month of June, Pocket52 is assuring a hefty INR 2.5 Crore GTD over the span of 30 days lining up 368 events! For more updates on poker and gaming news in the country, keep reading GutshotMagazine.com and stay tuned!

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