Real money gaming platform Rummy Bo in talks to raise $30 million from investors

Real money gaming platform Rummy Bo is in talks with investors to raise $30 million as reported first by Animation Xpress. “We’re in talks with investors for raising $30 mn. The timing of the funding matches up to our expansion plans for the current and the next year,” Rummy Bo CEO Ankur Singh has been quoted as saying in the report.

Rummybo is a real money gaming (RMG) platform with 17 games across rummy, fantasy sports and casual games, with a card game called Call Break being the latest addition to its portfolio.

“The funds will be utilized in two areas crucial to our expansion plans. One is, marketing / user acquisition, as we plan to double our active users from 25 mn to 50 mn this year. The second is to increase our developers/talent pool as we go about introducing new games and providing even better gaming experience. Both these investments will give a major boost to the sustainability of our business model,” said Singh about rationale behind the company’s potential fund raise.

The online gaming industry is growing at a CAGR of 40 per cent according to a Delloite India report and is expected to reach $2.8 bn from the current $1.5 bn, with RMG being its fastest growing segment. The US and China markets have already been penetrated 60 per cent and 50 per cent respectively, while the Indian market is barely at 30 per cent, showing massive potential as the next bastion of gaming growth.

The gaming platform is also mulling over to bring more games to its expansive suite by the end of this year to double the current active user base to 50 million. The company yet to reveal who is/are the investor/s and its further business plan.