WinZO Revenue, Valuation, Funding & Investors
WinZO is valued at $58M as of May 2021, a 4.5x multiple on its last reported $13M revenue.
Last WinZO valuation
$58M
Series B · May 2021
Last WinZO funding round
$65M
Series C · Jul 2021
WinZO revenue
$13M
Series B · May 2021
Key investors in WinZO
Kalaari Capital
Makers Fund
Courtside Ventures
Griffin Gaming Partners
Velo Partners
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Revant Bhate
About WinZO
WinZO is a New Delhi-headquartered social gaming platform offering skill-based esports titles with real-money prizes across Android and iOS devices. Players access over 70 games such as carrom, cricket, bubble shooter, fruit samurai, knife up, memory mania, fantasy leagues, and trivia challenges on a unified app supporting 12 regional Indian languages. More than 60 percent of its content consumption occurs in non-English languages, targeting mass-market users in India. Launched in 2018, the platform integrates seamless tournaments, leaderboards, and cash withdrawals.
Founded
2018
HQ
New DelhiWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Revenue
$13M (May 2021)
Valuation
$58M (May 2021)
Sectors
WinZO Valuation
WinZO is currently valued at $58M, based on its Series B in May 2021.
The $13M round included Courtside Ventures, Stephen Pagliuca and Makers Fund.
WinZO valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2021 | Series B | $58M | 4.5x |
WinZO Revenue
WinZO's latest recorded revenue is $13M, as of its Series B in May 2021. At a $58M valuation, that implies a 4.5x revenue multiple.
WinZO revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2021 | $13M | $58M | 4.5x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
WinZO Funding History
WinZO has raised a total of $101M across 4 funding rounds.
WinZO's first fundraising round was a $5M Series A in February 2019. The most recent completed round was a $65M Series C in July 2021.
WinZO funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2021 | Series C | Griffin Gaming Partners (lead) | $65M | - | WinZO is an Indian online gaming and entertainment platform founded in early 2018 by Paavan Nanda and Saumya Singh Rathore, operating as The TickTock Skill Games Pvt Ltd. It partners with third-party developers to host over 70 games on its Android app, offering multiplayer experiences in 12 languages including English, Hindi, and regional ones like Gujarati and Bhojpuri. The platform facilitates over 2.5 billion micro transactions per month and serves more than 50 million registered users, positioning itself as the largest social gaming app in India with games like carrom, cricket, 8 Ball Pool, fantasy leagues, and trivia that allow real-world monetary benefits. In July 2021, WinZO raised $65 million in its Series C funding round led by Griffin Gaming Partners, marking the US fund's first investment in India. This brought the company's total capital raised to $90 million. The round followed a Series B in September 2020 from Makers Fund, Courtside Ventures, and Steve Pagliuca of Bain Capital, and a $5 million Series A in 2019 with Hike. Prior to the Series C, WinZO bought back shares from early investor Hike for $12 million after Hike's exit from the gaming space. Griffin Gaming Partners highlighted WinZO's incredible retention and monetization metrics as key to its explosive growth potential. The company reported tenfold revenue growth over the last 12 months leading up to the round and partnerships with over 100 leading game developers via in-game integration of its social gaming framework. Post-round, WinZO launched its third Game Developer Fund of $20 million, with Griffin among the limited partners, to back game developers following fully deployed prior funds of $1.5 million and $5 million. Investments ranged from $100,000 to $500,000 per partnership for games from concept to near completion stages. Co-founder Paavan Nanda emphasized WinZO's strategy to accelerate growth and become a leading 'Made in India' global product, with Phil Sanderson from Griffin joining the board. |
| May 2021 | Series B | Courtside Ventures; Stephen Pagliuca; Makers Fund | $13M | $58M | WinZO is an online gaming platform offering vernacular entertainment and skill-based games tailored for mobile-first consumers in India, emphasizing social interaction, community building, and partnerships with over 30 game developers. The company raised $18 million in its Series B round on September 1, 2020, led by Makers Fund and Courtside Ventures, with participation from Kalaari Capital, Bellerive Finance, IndigoEdge, FinAdvantage, and co-founders. This round valued WinZO at a post-money valuation of $58.4 million, reflecting its revenue of $9.0 million at a 4.5x multiple. The funding supported expansion of the content pipeline to solidify its position as the go-to gaming app for Bharat. WinZO achieved 1,500% revenue growth and acquired 20 million users in the 12 months prior to the round through organic word-of-mouth, vernacular micro-influencers, and developer tie-ups. Existing investor Kalaari Capital, which backed WinZO since its 2018 seed and 2019 Series A rounds, continued support. The platform's focus on player ecosystem and hyper-local strategy positioned it as a leader in India's gaming evolution, with the industry projected to reach INR 18,700 crore by FY 2021-22 at over 40% CAGR. |
| Sep 2020 | Series B | Courtside Ventures (lead); Makers Fund (lead); Velo Partners; Kalaari Capital; Paavan Nanda; Trevor Wright; IndigoEdge; Saumya Singh Rathore; FinAdvantage; Revant Bhate | $18M | - | WinZO is a vernacular entertainment platform and online gaming app targeting mobile-first consumers in India, particularly 'Bharat', with a focus on social gaming, esports, and interactive entertainment through partnerships with over 30 game developers and vernacular micro-influencers. The company launched in 2018 and emphasizes organic growth via word-of-mouth. In its Series B funding round around March 9, 2020, WinZO raised $18 million (INR 132 crore) led by Makers Fund (Singapore) and Courtside Ventures (New York), both making their first investments in India. Existing investor Kalaari Capital participated, along with FinAdvantage, Indigo Edge, Revant Bhate, Paavan Nanda, Saumya Singh Rathore, and Trevor Wright (though some names vary slightly across reports). This brought total funding to over $23 million. The funds were earmarked to strengthen the content pipeline and position WinZO as India's go-to gaming app. The Indian gaming industry was projected to grow at over 40% CAGR, reaching INR 18,700 crore by FY 2021-22. WinZO later raised additional rounds, including a $65M Series C in July 2021 with some repeat investors and a reported $100M Series C, but these are distinct from the 2020 Series B. |
| Feb 2019 | Series A | Hike (lead); Kalaari Capital (lead) | $5M | - | WinZO is a vernacular social gaming and e-sports platform offering games like Carrom, Cricket, 8 Ball Pool, Ludo, and others in 10-12 languages, targeting users in Tier 2-5 cities and rural India with real money gaming features. The platform provides tournament, versus, and table formats for games of skill. At inception, it had over 7 million registered users accounting for 38% of their monthly entertainment budget. WinZO raised $5 million in its Series A round led by Kalaari Capital and Hike in early 2019 (reported as February, May, or July). The funding supported growth in the vernacular entertainment space. Hike later exited with a $12 million buyback, achieving 4X returns within 18 months. Kalaari Capital highlighted WinZO's strong product-market fit and superior metrics like retention and time spent. Following Series A, WinZO raised $18 million in Series B in September 2020 led by Makers Fund and Courtside Ventures, plus $13 million additional from existing investors, bringing total funding to $38 million by 2021. By then, it claimed 1,500% revenue growth (term unspecified), 20-40 million users, and over 80 games. |
Who has invested in WinZO?
13 investors have backed WinZO across its funding rounds, including Kalaari Capital, Makers Fund, Courtside Ventures, Griffin Gaming Partners, Velo Partners and Revant Bhate.
Lead investors include Griffin Gaming Partners, Courtside Ventures, Makers Fund, Hike and Kalaari Capital.
WinZO Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 New York City, NY | 2 | Lead | Sep 2020 | |
| Bangalore | 2 | Lead | Feb 2019 | |
| San Francisco, CA | 2 | Lead | Sep 2020 | |
 Mexico | 1 | Lead | Jul 2021 | |
 London | 1 | Participant | Sep 2020 | |
| Paavan Nanda | New Delhi | 1 | Participant | Sep 2020 |
| Trevor Wright | United States | 1 | Participant | Sep 2020 |
| Bangalore | 1 | Participant | Sep 2020 | |
| Saumya Singh Rathore | Mumbai | 1 | Participant | Sep 2020 |
| Bangalore | 1 | Participant | Sep 2020 | |
| New Delhi | 1 | Lead | Feb 2019 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by WinZO
WinZO has acquired 1 company to date.
Last acquisition by WinZO was on June 21st 2022. WinZO acquired Upskillz Games for undisclosed valuation.
Latest Acquisitions by WinZO
| Description | - |
| HQ Country | |
| HQ City | - |
| Deal Date | 21 Jun 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all WinZO acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by WinZO
WinZO has invested in 2 companies to date.
Latest investment by WinZO was on May 30th 2022. WinZO invested in Village Studio in their $2M Pre-seed round.
Latest Investments by WinZO
| Description | Village Studio is a blockchain development firm focused on Web3 gaming interoperability headquartered in Seoul, South Korea. It develops the Ken platform, enabling seamless asset transfers and cross-game economies for titles like Parallel TCG and Derby Stars. The studio partners with Polygon Labs and integrates with major chains to enhance player ownership through NFTs and shared liquidity pools. | Bombay Play is a Mumbai-headquartered mobile game studio that publishes casual multiplayer titles such as BlockJunkie, Ludo Supreme, and Card Party for iOS and Android platforms. The company launched in 2020 and has grown to serve millions of daily active users across India and Southeast Asia through hyper-casual and hybrid gaming experiences. Bombay Play partners with global publishers and leverages data analytics to optimize player retention and monetization in competitive markets. |
| HQ Country | | |
| HQ City | London | Bangalore |
| Deal Date | 30 May 2022 | 4 Apr 2022 |
| Round | Pre-seed | Series A |
| Raised | $2M | $7M |
| Investors | Phil Mansell; Animoca Brands; Venrex; Jas Purewal; AngelHub; K3 Ventures | Leo Capital; Kalaari Capital; AdvantEdge Founders; Playco; Lumikai; AMEA Ventures |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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WinZO Competitors
WinZO competitors include listed companies like Firy and PLAYSTUDIOS, and private ones like PlayVS, PlaysOut, Unagi and GameDAO.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Private | - | - | $65M | - | |
 Dubai | Private | - | - | $70M | - | |
 Paris | Private | - | - | $37M | - | |
 Vaduz | Private | - | - | $32M | - | |
| United States | Publicly listed | $104M | ($63M) | $171M | 1.2x | |
| United States | Publicly listed | $235M | $9M | $58M | - |
WinZO Public Comps
WinZO is still privately-owned, but its public comps include PLAYSTUDIOS, JoyCity, Trophy Games, Envar Holding, Com2uS, Chinese Gamer, Extreme Co, Gamesparcs, Aiming and Link-U Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $235M | $9M | - | - | - | - | |||
| $102M | ($608K) | 1.1x | - | (192.0x) | - | |||
| $19M | $5M | 2.6x | - | 10.4x | - | |||
| $10M | $2M | 5.7x | 3.6x | 34.9x | - | |||
| $72M | $42M | 2.3x | 1.4x | 4.0x | 60.1x | |||
| $12M | $1M | 3.3x | - | 27.2x | - | |||
| $76M | $11M | 0.5x | 0.5x | 3.5x | - | |||
| $28M | $304K | 1.4x | - | 124.9x | - | |||
This data is available for Pro users. Sign up to see all WinZO competitors and their valuation data. Start Free Trial | ||||||||
Common questions about WinZO
| When was WinZO founded? | WinZO was founded in 2018. |
| Where is WinZO headquartered? | WinZO is headquartered in New Delhi, India. |
| Is WinZO publicly listed? | No, WinZO is a private, VC-backed company. |
| What is WinZO's valuation? | WinZO was last valued at $58M in its Series B in May 2021. |
| How much funding has WinZO raised? | WinZO has raised $101M across 4 funding rounds. |
| What was WinZO's last funding round? | WinZO's last funding round was a $65M Series C in July 2021, led by Griffin Gaming Partners. |
| Who are WinZO's investors? | WinZO's investors include Courtside Ventures, Kalaari Capital, Makers Fund, Griffin Gaming Partners, Velo Partners, Paavan Nanda, Trevor Wright, IndigoEdge, Saumya Singh Rathore, FinAdvantage and 3 others. |
| What is WinZO's revenue? | WinZO's latest recorded revenue is $13M (May 2021). |
| What is WinZO's revenue multiple? | WinZO's latest valuation implies a 4.5x revenue multiple ($58M valuation on $13M of revenue). |
| Which companies are comparable to WinZO? | Companies comparable to WinZO include PlayVS, PlaysOut, Unagi, GameDAO, Firy and PLAYSTUDIOS. |
| How many companies has WinZO acquired? | WinZO has acquired 1 company, including Upskillz Games. |
| How many companies has WinZO invested in? | WinZO has invested in 2 companies, including Village Studio and Bombay Play. |
| What was WinZO's last investment? | In May 2022, WinZO invested in Village Studio's $2M pre-seed round alongside Phil Mansell, Animoca Brands, Venrex and 3 other investors. |
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