“The investment is planned to take place during the next 6 months. The company will be looking to invest in innovative gaming start-ups and in developing latest gaming technology,” it said in a statement.
With this investment, the company is looking to expand operations and explore the ever-so-growing potential of the ‘games of skill’ market in India, it added.
The Indian gaming space is expected to grow at 22 per cent CAGR and has been attracting big investments in the last couple of years.
“Baazi Games has played a major role in revolutionizing the way card games and fantasy sports are played in the country today. Our investment of USD 5 million in the Indian gaming industry will further catalyse the growth of the industry and pave way for newer innovations,” Baazi Games founder and CEO Navkiran Singh said.
Earlier this year, Baazi Games had invested USD 1 million in its fantasy cricket vertical BalleBaazi.com, which later raised USD 4 million from private equity funds in July 2019.
The company also expanded its card games vertical by launching RummyBaazi.com. SR RVK