PlayX, an esports startup based in Gurgaon, has secured undisclosed amount in its seed funding round, led by Lead Angels Network – an alumni focused pan India angel network.
It will now use the funds to develop its technology, build the team and create gaming focused marketing campaigns. Launched in January this year, PlayX enables Indian gamers to compete in skill-based gaming tournaments for cash prizes & other goodies.
The platform is said to have been built for the Indian gamers as gaming in India is growing rapidly and pro gamers are looking for avenues to showcase their talent and make a career in gaming.
Kabeer Jain, founder of the company, said,
At PlayX, gamers can compete against other players from all over India in daily/weekly gaming tournaments and win cash prizes. Our proprietary ranking algorithm enables us to organise tournaments for players with different skill levels. India is a mobile gaming nation and we expect mobile esports to become huge in India driven by triple factors of growing smartphone share, cheap high-speed data, and a massive young populartion.
The company currently organises online tournaments for popular games on consoles & mobiles and is adding more games across genres. PlayX has worked with players like Paytm, BenQ and Smaaash in the past. It earns revenues through commission charged as platform fee as well as through sponsorships.
According to the statistics on the company’s website, more than 16,500 matches have been played with over 10,000 players and total winning amount has crossed ₹14,00,200 mark.