Gaming unicorn Games24x7 has announced a pioneering collaboration with the Karnataka government to unveil ‘GameTech Accelerate – The Future of Gaming.’ This online gaming accelerator initiative is designed to mentor startups, offering innovative solutions and fostering growth within the gaming ecosystem. The strategic partnership aims to connect selected startups with investors, providing a crucial avenue for capital raising.
Catalyzing Growth in Key Areas
The accelerator program, as outlined by Games24x7, will place a significant emphasis on four key areas:
- New Games: Encompassing real money, casual, hyper-casual, educational, simulation, strategy, and MMO.
- Real-time Analytics, Telemetry, and Personalization
- Security and Anti-cheating Measures
- Community and Social Integration
This comprehensive focus reflects a commitment to driving innovation across multiple facets of the gaming industry.
Hands-on Mentorship and Investor Connections
Selected startups participating in the accelerator will receive personalized mentorship sessions from Games24x7, AWS experts, and other seasoned investors. The initiative goes beyond mentorship, offering AWS credits and a unique opportunity for startups to pitch their ideas to a select group of investors in the first week of March.
The eagerly awaited announcement of the shortlisted startups is slated to take place at the upcoming GAFX event in Bengaluru in January 2024.
Shared Vision for Responsible Innovation
Rajat Bansal, Games24x7’s Chief Technology Officer (CTO), expressed the company’s dedication to fostering entrepreneurship and innovation within the gaming industry. “Games24x7’s accelerator program represents our firm commitment to unlocking the gaming industry’s full potential,” stated Bansal. Karnataka IT Minister Priyank Kharge echoed this sentiment, emphasizing the need to support an industry that not only generates employment opportunities but also contributes significantly to the digital economy.
Kharge added, “We are delighted to collaborate with Games24x7, who shares our commitment to responsible innovation, empowering aspiring entrepreneurs on their journey toward success.”
Beyond Acceleration: Games24x7’s Investment Arm
Beyond the accelerator initiative, Games24x7 has ventured into supporting early-stage Indian startups through its corporate investment arm, established last year. With a substantial corpus of INR 400 Cr earmarked over the next five years, this arm aims to support Indian players operating at the ‘intersection of technology and interactive entertainment.’
Founded in 2006 by economists Bhavin Pandya and Trivikraman Thampy, Games24x7 is a Mumbai-based online gaming startup catering primarily to the skill-based gaming segment. The company, known for brands such as RummyCircle, My11 Circle, and U Games, attained unicorn status in March 2022 after securing $75 Mn in a Series C round, making it the third Indian gaming platform to enter this coveted club.
Challenges Amidst Success: Financial Snapshot
Despite its notable success, Games24x7 reported a loss of INR 230 Cr in the financial year 2021-22 (FY22), a significant shift from its profit of INR 110 Cr in FY21. The company’s total revenue also witnessed a 25% YoY decline, dropping to INR 1,170.3 Cr in FY22 from INR 1,562.5 Cr in FY21.
