Zupee Revenue, Valuation, Funding & Investors
Zupee is valued at $600M as of January 2022, a 14.0x multiple on its last reported $43M revenue.
Last Zupee valuation
$600M
Series B · Jan 2022
Last Zupee funding round
$72M
Series B · Jan 2022
Zupee revenue
$43M
Series B · Jan 2022
Key investors in Zupee
Z47
Westcap
Orios Venture Partners
Smile Group
Tomales Bay Capital
Alpha Wave Global
About Zupee
Zupee is a New Delhi-headquartered online gaming platform featuring skill-based real-money games certified by India's AIGF. Its portfolio includes Ludo, Snakes and Ladders, and card games adapted for quick mobile play sessions. Zupee serves over 10 million users with tournaments and cash prizes, emphasizing fair play through anti-cheat algorithms.
Founded
2018
HQ
GurgaonWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Revenue
$43M (Jan 2022)
Valuation
$600M (Jan 2022)
Zupee Valuation
Zupee is currently valued at $600M, based on its Series B in January 2022.
The $72M round included Nepean Capital, AJ Capital, Z47, Tomales Bay Capital, Orios Venture Partners and 1 other investor.
Zupee's valuation has grown 6.0x from $100M at its Series A in January 2021 to $600M in January 2022, across 3 priced rounds.
Zupee valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2022 | Series B | $600M | 14.0x |
| Aug 2021 | Series B | $515M | 4.3x |
| Jan 2021 | Series A | $100M | - |
Zupee Revenue
Zupee's latest recorded revenue is $43M, as of its Series B in January 2022. At a $600M valuation, that implies a 14.0x revenue multiple.
Revenue moved from $120M in August 2021 to $43M in January 2022, while the revenue multiple moved from 4.3x to 14.0x.
Zupee revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2022 | $43M | $600M | 14.0x | Series B |
| Aug 2021 | $120M | $515M | 4.3x | 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.
Zupee Funding History
Zupee has raised a total of $121M across 5 funding rounds.
Zupee's first fundraising round was a $1M seed round in April 2019. The most recent completed round was a $72M Series B in January 2022.
Zupee funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2022 | Series B | Nepean Capital; AJ Capital; Z47; Tomales Bay Capital; Orios Venture Partners; Westcap | $72M | $600M | Zupee is a skill-based casual gaming startup founded in 2018 by IIT Kanpur graduates Dilsher Singh and Siddhant Saurabh, offering real-money gaming and casual games in the Indian market. The company had achieved over 70 million downloads by the time of this funding round and was focused on expanding into new geographies and capturing the emerging 5G handset market in India. In January 2022, Zupee closed a Series B funding round with $72 million raised as the final tranche of a larger $102 million Series B effort (with an earlier $30 million raised in August 2021), valuing the company at $600 million post-money. The Series B investors included WestCap Group, Tomales Bay Capital, Nepean Capital, AJ Capital, Matrix Partners India, and Orios Venture Partners. The company announced a strategic partnership with Reliance Jio Platforms concurrent with the funding, enabling distribution of Zupee games across all Jio customers and Jio Phone users, targeting penetration into remote areas and disadvantaged communities. Raised capital was earmarked for developing new products, enhancing design experiences, expanding into new geographies, ramping up marketing and research, and hiring top talent, with plans to experiment in web3 space including NFTs and play-to-earn games. |
| Aug 2021 | Series B | Tomales Bay Capital (lead); Westcap (lead); Z47; Orios Venture Partners | $30M | $515M | Zupee is a real money skill-based gaming platform founded in 2018, offering trivia quizzes, board games, and casual games tailored for Indian audiences, with a focus on user engagement through tournaments and monetization via entry fees, ads, and in-app purchases. On August 17, 2021, the company raised $31 million in a Series B round led by Tomales Bay Capital and WestCap, with participation from Orios Venture Partners and Z47. The platform leverages secure technology for real-time gaming and invests in brand building through influencer marketing and referrals to drive growth in India's expanding online gaming market, projected to reach $14 billion by 2025. This round followed a $10 million Series A in January 2021 from WestCap, Z47, LogX, and QED Innovation Labs. A subsequent Series B extension in January 2022 raised $72 million from Nepean Capital, Orios Venture Partners, Tomales Bay Capital, WestCap, Z47, and others, bringing total funding to $121 million across five rounds. Zupee emphasizes user retention with scalable tech infrastructure and diversified revenue streams, including commissions on entry fees forming prize pools and targeted advertising. Later data shows strong growth, with FY24 revenue at ₹1,173 crore and profitability at post-tax INR 146 crore. Zupee has expanded strategically, including a $5 million investment and acquisition of AI startup Nucanon for enhanced storytelling. |
| Jan 2021 | Series A | Westcap (lead); Z47 | $10M | $100M | Zupee raised $10 million in a Series A round on January 11, 2021, led by WestCap with participation from Z47, LogX, and QED Innovation Labs. The funds supported enhancements to the gaming experience and scaling operations for the skill-based real money gaming platform. Zupee offers games like trivia quiz tournaments that had over 250 million hits and had reached 10 million users by mid-2021. This round followed an earlier Series A of $8 million in March 2020 and a seed round of $1 million in April 2019. Subsequent Series B funding included $31 million in August 2021 co-led by WestCap and Tomales Bay Capital at a $500 million valuation and $72 million in January 2022. Total funding across rounds reached $121 million from investors including Orios Venture Partners, Alpha Wave Global, and Smile Group. |
| Apr 2020 | Series A | Z47 (lead); Smile Group; Orios Venture Partners; Westcap; Alpha Wave Global | $8M | - | Zupee is an online skill-based real money gaming platform offering trivia quizzes, board, and casual games tailored for Indian audiences. In April 2020, Zupee raised $8 million in its Series A round led by Z47, with participation from Alpha Wave Global (formerly Matrix Partners India), Orios Venture Partners, Smile Group, and Westcap. The funds supported platform feature expansion and user acquisition. Zupee had previously raised a $1 million seed round in April 2019 led by Smile Group to develop its gaming platform and enter the market. Six months later in August 2021, Zupee raised $30 million in Series B at a $500 million pre-money valuation, reflecting over 5x valuation growth and a user base exceeding 10 million. |
| Apr 2019 | Seed | Smile Group (lead) | $1M | - | - |
Who has invested in Zupee?
8 investors have backed Zupee across its funding rounds, including Z47, Westcap, Orios Venture Partners, Smile Group, Tomales Bay Capital and Alpha Wave Global.
Lead investors include Tomales Bay Capital, Westcap, Z47 and Smile Group.
Zupee Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Mumbai | 4 | Lead | Apr 2020 | |
 Canada | 4 | Lead | Apr 2020 | |
| Mumbai | 3 | Participant | Apr 2020 | |
 Singapore | 2 | Lead | Apr 2019 | |
 San Francisco, CA | 2 | Lead | Aug 2021 | |
| Mumbai | 1 | Participant | Jan 2022 | |
This data is available for Pro users. Sign up to see all 8 Zupee investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Zupee
Zupee has acquired 2 companies to date.
Last acquisition by Zupee was on February 3rd 2026. Zupee acquired Vertical TV for $4M.
Latest Acquisitions by Zupee
| Description | Vertical TV creates short-form micro-dramas optimized for mobile and social platforms emphasizing narrative-driven content. | Nucanon is a game development platform democratizing world-building for creators. It provides tools for designing expansive game universes without advanced coding skills. Based in Tel Aviv, Israel, Nucanon enables indie developers and teams to prototype and iterate on immersive environments efficiently. |
| HQ Country | |  |
| HQ City | - | Sydney |
| Deal Date | 3 Feb 2026 | 3 Nov 2025 |
| Valuation | $4M | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Zupee acquisitions and their M&A valuation multiples. Start Free Trial | ||
Investments by Zupee
Zupee has invested in 1 company to date.
Latest investment by Zupee was on November 7th 2024. Zupee invested in Nexstem in their $4M Seed round.
Latest Investments by Zupee
| Description | Nexstem is a neurotechnology company producing non-invasive brain-computer interface hardware including the 19-channel Instinct headset. Based in Tel Aviv, Israel, Nexstem supplies software tools for signal processing, machine learning models, and API integrations to researchers and developers in neuroscience and human-machine interaction. |
| HQ Country | |
| HQ City | Bangalore |
| Deal Date | 7 Nov 2024 |
| Round | Seed |
| Raised | $4M |
| Investors | Smile Group; Gruhas; Appreciate Capital; Info Edge |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Zupee investments and their VC round multiples. Start Free Trial | |
Zupee Competitors
Zupee competitors include listed companies like Rank Group and DigiPlus Interactive, and private ones like TokenWin, Z League, VersusGame and Games24x7.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Las Vegas, NV | Private | - | - | $349M | - | |
| Seattle, WA | Private | $5M | - | $233M | 46.6x | |
| San Francisco, CA | Private | - | - | $191M | - | |
| India | Private | $173M | - | $2.5B | 14.5x | |
 United Kingdom | Publicly listed | $1.1B | $156M | $550M | 0.7x | |
 Philippines | Publicly listed | $1.3B | $223M | $659M | 0.4x |
Zupee Public Comps
Zupee is still privately-owned, but its public comps include Tanwan, Hubei Century Network, DoubleDown Interactive, Rank Group, VNG Corp., NetDragon Websoft, DigiPlus Interactive, Better Collective, Kambi Group and GRAVITY Co..
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $620M | $294M | 0.5x | - | 1.1x | - | |||
| $179M | $6M | 2.4x | 2.1x | 68.9x | - | |||
| $360M | $133M | 0.3x | 0.3x | 0.9x | 0.8x | |||
| $1.1B | $156M | 0.7x | 0.7x | 4.8x | 4.1x | |||
| $420M | $23M | 1.4x | - | 25.5x | - | |||
| $667M | $106M | 0.9x | 1.0x | 5.8x | 4.1x | |||
| $1.3B | $223M | 0.4x | 0.4x | 2.4x | 2.5x | |||
| $388M | $100M | 2.5x | 2.4x | 9.8x | 7.7x | |||
This data is available for Pro users. Sign up to see all Zupee competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Zupee
| When was Zupee founded? | Zupee was founded in 2018. |
| Where is Zupee headquartered? | Zupee is headquartered in Gurgaon, India. |
| Is Zupee publicly listed? | No, Zupee is a private, VC-backed company. |
| What is Zupee's valuation? | Zupee was last valued at $600M in its Series B in January 2022. |
| How much funding has Zupee raised? | Zupee has raised $121M across 5 funding rounds. |
| What was Zupee's last funding round? | Zupee's last funding round was a $72M Series B in January 2022. |
| Who are Zupee's investors? | Zupee's investors include Z47, Westcap, Orios Venture Partners, Smile Group, Tomales Bay Capital, Nepean Capital, AJ Capital and Alpha Wave Global. |
| What is Zupee's revenue? | Zupee's latest recorded revenue is $43M (January 2022). |
| What is Zupee's revenue multiple? | Zupee's latest valuation implies a 14.0x revenue multiple ($600M valuation on $43M of revenue). |
| Which companies are comparable to Zupee? | Companies comparable to Zupee include TokenWin, Z League, VersusGame, Games24x7, Rank Group and DigiPlus Interactive. |
| How many companies has Zupee acquired? | Zupee has acquired 2 companies, including Vertical TV and Nucanon. |
| What was the largest acquisition by Zupee? | The $4M acquisition of Vertical TV in February 2026 is the largest acquisition Zupee has made to date. |
| How many companies has Zupee invested in? | Zupee has invested in 1 company, including Nexstem. |
| What was Zupee's last investment? | In November 2024, Zupee invested in Nexstem's $4M seed round alongside Smile Group, Gruhas, Appreciate Capital and 1 other investor. |
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