Teen Patti Mobile Game Creators Receive Rs 90 Crore Funding From Sequoia
Market watchers are estimating that to receive $15 million funding, Sequoia Capital must have valued Octro at around $70 million or Rs 400 crore.
Mohit Bhatnagar, a managing director at Sequoia Capital said that they are focused “on what value this company (Octro) can have in the next 4-5 years”; thereby placing huge confidence and belief in the still nascent gaming industry in India.
Octro is an 8 year old company which initially started off in the technological domain as they started Voice over IP based services. But somewhere in the middle, they completely switched their focus and converted into a mobile gaming company.
Besides the hugely popular game Teen Patti, they have also launched Rummy, another popular Indian cards game and few weeks ago introduced Tambola. Just for information, Teen Patti and Rummy both are among the top 5 games being highlighted at the Google Playstore, grouped under multiple categories.
Additionally, these games rank within the top-10 earning games on both iOS and Android platform in India, a list which has some of the most popular games like Candy Crush and Subway Surfers.
With a daily traffic of approximately 2 million on their various gaming applications, Octro doesn’t deliver advertisements but rather monetize via in-app transactions. They have introduced several unique features in their games, which has actually resulted in such huge popularity.
For example, their flagship game Teen Patti, which resembles Zynga Poker, allows its users to compete against real human beings as opposed to robots which normally most of the games offer. Octro is in direct competition with some of the renowned names in mobile gaming industry such as Adda52, Mango and Bash Gaming (which was recently acquired by GSN Games for $160 million)
Sequoia Capital is one of the pioneers in the venture capital world with stakes in some of the hugely popular tech-driven companies such as AirBnB, Google, Apple, Zomato, Paypal, Instagram, Electronic Arts, Yahoo among more.
With this latest funding into an Indian mobile games app company, they have clearly indicated that the Indian gaming market is now maturing with lots of fireworks expected in the coming days.