Real money quiz startup Zupee gets $1M from Smile Group
A recent entrant into the real money gaming company Zupee has recently received $1 million (~INR 6.9 Crores) in funding from an investment firm called Smile Group. Zupee is owned and operated by Indiepepper Media Private Limited and is based out of Gurgaon.
Zupee is a real-money Q and A application that gamifies the process using real money. Zupee has raised the above amount in seed funding from the group, as reported on VCCircle. Smile Group also operates in the consumer and online media market.
Zupee was founded by Dilsher Malhi and Siddhant Saurabh in May last year The two co-founders have stated to use this new funding from Smile to expand its team which currently includes 15 members.
The start-up app, where users can choose from any topic like movies, sports, studies, etc. has over 1 million downloads and 1.5 million gameplays per month, as stated by Malhi. The games on the platform are currently available in English with plans to launch in Hindi soon.
Malhi said, “The reason we launched a Q and A-based gaming start-up is because it has a broad appeal. Above all, like in poker and fantasy games, our model also offers returns on the time spent along with the fun factor that attracts more users."
The co-founders of Zupee are both Indian Institute of Technology (IIT) Kanpur grads. Malhi was a research associate at EPFL in Switzerland and Saurabh was a software engineer at Graviton, an investment management firm, before deciding to venture into the real money gaming market.
The major reason for them to start a real-money company is that they expect the industry to be a $6 billion-dollar opportunity in India by 2025, already witnessing annual growth at the rate of 50-55%. Recently, HalaPlay raised $5 million in Series A from Nazara Technologies Ltd., and Delta Corp also bought a minority stake in it.
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