Paytm First Games, subsidiary of Paytm, India’s widely used, digital payment platform, and AGTech, owned by Alibaba, a Chinese e-commerce giant, are, reportedly, under a dialogue to secure $25 million (approx ₹174 crore) from SAIF Partners and a Hong Kong-based entity, cited Inc42.
While, in 2018, Paytm and AGTech have co-invested in Gamepind.
Gamepind was launched in 2018. The gaming platform was recently renamed to Paytm First Games as part of Paytm’s efforts to offer a clutch of services under its paid subscription plan Paytm First.
According to a media report which cited Sudhanshu Gupta, COO at Paytm First Games is said to have grown multifold in the last one year. The gaming platform claims to have 30 million users with half of them being monthly active users.
On paid games, the platform users have spend around INR 4K on games such as Rummy, while the user spends towards fantasy games are said to be around INR 400.
Whereas, Paytm First Games is said to have an annual revenue run rate of $50 Mn. The company is currently planning to double its current team size of over 150 people and will also invest in technology and building of e-sporting events.
On a much brighter note, according to a report by consulting major KPMG and industry’s self-regulatory body, Indian Federation of Sports Gaming, the online gaming industry in India is expected to generate a revenue of INR 11,900 Cr by financial year 2023, growing at 22% CAGR.