Mobile gaming company, Octro is raising $15 million from Sequoia Capital India. The stake to be divested is not disclosed, however reports peg the valuation to be around $70 million.
Mobile gaming company, Octro is raising $15 million from Sequoia Capital India. The stake to be divested is not disclosed, however reports peg the valuation to be around $70 million.
Based out of Noida, Octro was founded in 2006 and is today pegged to be the number one mobile gaming company in India with two of its games, Teen Patti and Rummy, among the top 5 games in multiple categories on Google Play Store.
Proceeds from the latest round will be used to expand into other geographies as well as to add new titles in the pipeline. A part of the funding will be also deployed to increase its existing team strength.
Founded in 2006 by Saurabh Aggarwal, Octro’s mobile games are amongst the top ten apps on both Android and Apple's iOS store in India. It allows users to download the games for free and charge them to buy virtual goods for the games.
Our games just work! The key to our success has been our robust technology platform that allows for fast gameplay. People simply love our games because we are reimagining games that have existed in the offline world for years and making them available on the mobile for people to play anytime, anywhere, ” said Saurabh Aggarwal, Founder & CEO, Octro.
This is the first investment made by Sequoia Capital into gaming sector. Sequoia Capital in India currently manages funds capitalised close to $1.4 billion and invests across early, growth and late stage opportunities. According to experts, mobile games and applications in India are expected to reach Rs 27000 million market by 2016.
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