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Eloelo kicks off Series B round with $13 Mn

EntrackrEntrackr · 4m ago
Eloelo kicks off Series B round with $13 Mn
Medial

Social gaming and live streaming platform Eloelo is raising Rs 114 crore (approximately $13 million) in its Series B round led by Play Ventures Investments with participation from Gameskarft Technologies, Kalaari Capital, and WestBridge Capital. The board has passed a resolution to issue 1,696 Series B compulsory convertible preferred shares at Rs 6,73,997 each to raise the funds, according to a regulatory filing. Play Ventures is investing Rs 34.7 crore, Gameskraft Technologies Rs 21.7 crore, WestBridge Capital Rs 8.7 crore, and Kalaari Capital Rs 13 crore. Additional investments are being made by Countryside Ventures, Rocket Capital, MIXI Global, and Veenita and Vinay Mittal. Eloelo has raised over $50 million to date, including a $22 million pre-series B round co-led by Courtside Ventures and Griffin Gaming Partners. Post-transaction, Play Ventures will hold 3.38%, Countryside Ventures 4.46%, Gameskraft 2.12%, and Kalaari Capital 6.35%. Founded by Saurabh Pandey and Akshay Dubey, Eloelo offers live games and entertainment with native activities like tambola and antakshari. It features over 50 live games and more than 1,000 daily live streams. The social gaming and live streaming space in India is evolving with platforms like Loco, Rooter, and Turnip in gaming, while Chingari, ShareChat, and Bolo Live expand into live and casual gaming.

WinZO concludes 4th ESOP buyback

EntrackrEntrackr · 10m ago
WinZO concludes 4th ESOP buyback
Medial

Online gaming startup Winzo has announced the completion of its fourth round of employee stock options plan (ESOP) liquidation. This initiative allows eligible employees, approximately 30% of WinZO’s workforce, comprising team members with at least two years of tenure, to liquidate their vested ESOPs. In the last 12 months, the company has filed more than 25 technology patents across the world for its supercomputing technology, real-time communication innovation, and AI applications in content creation. Established in 2018, Winzo offers over 100 games across categories such as strategy, sports, casual, card, arcade, racing, action, and board games. Previously, WinZO conducted three rounds of ESOP liquidation in 2021 and 2023. With a team of 200 members, WinZO has raised $100 million in cumulative funding from leading investors, including Griffin Gaming Partners, Maker’s Fund, Courtside Ventures, and Kalaari Capital. According to data intelligence platform, TheKredible, Winzo’s revenue from operations surged to Rs 674 crore in FY23 from Rs 234 crore in FY22. Similar to every online gaming platform, Winzo spent a major chunk (46% of its total expenditure) on marketing (advertising cum promotions). This cost surged 29.6% to Rs 258 crore in FY23. Recently, Whatfix rolled out a $58 million liquidity program for its employees and investors. In the ongoing calendar year, Swiggy, Urban Company, MyGate, Classplus, Meesho, The Sleep Company, XYXX, Purplle, Dehaaat, Leverage Edu, Pocket FM and Adda247 bought back ESOPs from their employees.

WinZO forays into micro dramas, enters US after RMG ban

EntrackrEntrackr · 3d ago
WinZO forays into micro dramas, enters US after RMG ban
Medial

WinZO forays into micro dramas, enters US after RMG ban WinZO, the social gaming and entertainment platform, is expanding its playbook beyond real-money gaming (RMG) with a foray into micro dramas and subscription-led services, as it looks to navigate the government’s blanket ban on RMG in India. The company has also widened its global presence with a US debut, marking its third international market after Brazil. As part of its content push, WinZO has introduced WinZO TV, a new feature that serves up bite-sized drama shows for its 250 million users. The format delivers one to two-minute serialised videos, with initial episodes free to watch and later ones priced at Rs 2 each. With this, WinZO will face competition from Flick TV, Kuku FM’s Kuku TV, ShareChat’s QuickTV, Reel Saga, Reelies, Chai Bisket’s Chai Shots, and Eloelo. WinZO has raised over $100 million from marquee investors including Kalaari Capital, Griffin Gaming Partners, Makers Fund, and Courtside Ventures, and was last valued at around $340 million. While its RMG business faced significant headwinds due to regulatory changes and higher GST, the company has been seeking alternative monetisation avenues through subscriptions, in-app entertainment formats, and international expansion. WinZO’s expansion into the US comes nearly two years after its Brazil foray, aimed at reducing dependence on India following the introduction of a 28% GST regime on RMG apps. According to co-founders Saumya Singh Rathore and Paavan Nanda, the US launch will also allow Indian developers building culturally relevant games to reach a new global audience. For the fiscal year ending March 2024, WinZO reported a 70% year-on-year surge in operating revenue to Rs 1,055 crore, while its profit after tax (PAT) rose 2.5X to Rs 315 crore. The company outpaced its peers in revenue growth, compared to Nazara’s 4%, Zupee’s 34.9%, and MPL’s 22%. The government’s RMG ban is prompting many firms to explore alternative avenues. For context, Dream Sports, which owns Dream11, has ventured into wealth tech with Dream Money, letting users invest in digital gold and fixed deposits.

Dubbing Platform CAMB.AI Raises $4M Seed Round Led By Courtside Ventures And Others

Startup News FYIStartup News FYI · 1y ago
Dubbing Platform CAMB.AI Raises $4M Seed Round Led By Courtside Ventures And Others
Medial

UAE-based AI dubbing startup, CAMB.AI, has secured $4 million in a seed funding round led by Courtside Ventures, TRTL Ventures, Blue Star Innovation Partners, Ikemori Ventures, and Eisaburo Maeda. The funds will be used to accelerate development and expand globally. CAMB.AI utilizes speech AI technology to instantly dub performances in over 100 languages, dialects, and accents, while retaining the original voices and nuances of the speaker. The startup has already served clients such as Major League Soccer, Tennis Australia, and Maple Leaf Sports and Entertainment. It was also used to fully AI-dub Emirati director Nayla Al Khaja's horror film, "Three," making it the world's first multilingual feature film.

WinZO posts Rs 1,055 Cr revenue and Rs 315 Cr profit in FY24

EntrackrEntrackr · 4m ago
WinZO posts Rs 1,055 Cr revenue and Rs 315 Cr profit in FY24
Medial

WinZO posts Rs 1,055 Cr revenue and Rs 315 Cr profit in FY24 The company’s top and bottom lines appear impressive despite a significant policy headwind: a 400% hike in GST on online gaming, which increased to 28% on gross receipts starting October 1, 2023. Gaming publisher WinZO reported a 70% year-on-year surge in operating revenue to Rs 1,055 crore in the fiscal year ending March 2024, while its profit after tax (PAT) jumped 2.5X to Rs 315 crore during the same period, according to a company’s press release. The company’s top and bottom lines appear impressive despite a significant policy headwind: a 400% hike in GST on online gaming, which increased to 28% on gross receipts starting October 1, 2023. Since the revised tax rate applied only for half the fiscal year, WinZO expects the full financial impact to be visible in FY25. Founded by Paavan Nanda and Saumya Singh Rathore, WinZO claims to have 250 million registered users. Backed by 50 developer partners and a lean team of 200 employees, the company also claims to have filed over 50 tech patents. Its game portfolio largely comprises casual titles such as Carrom, Ludo, 8 Ball Pool, and Chess. According to the release, the company facilitated 1 in every 200 UPI transactions in India last year and has built a network of over 75,000 micro-influencers and gaming creators in smaller cities and towns. WinZO has raised $100 million in funding from global investors including Kalaari Capital, Griffin, Courtside Ventures, and Makers Fund. In FY23, the company transitioned to IndAS accounting standards. As a result, it recorded a non-cash expense of Rs 999 crore due to fair value treatment of CCPS as liabilities, not equity.

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