India’s Gamepind gaming site to change its name, seek backing
Gamepind, a real-money gaming platform in India, has decided that a change in its brand is in order. The site, which is backed by Paytm and Alibaba Group, is now known as FirstGames in an effort to be more appealing to consumers. The rebranding exercise also comes as the company looks to raise $30 million to expand its gaming selections.
According to a report by the Economic Times, the site has more than 30 million registered users after having launched in February of last year. The platform offers a range of prizes, including Paytm cash, flight tickets, movie tickets and more. It reportedly has a run rate in Gross Merchandise Volume (GMV) of about $2.86 million.
Gamepind/FirstGames offers an array of games and quizzes – over 300 total – including ludo, badlands, snake wars, 8-ball pool, rummy and trivia and live quiz games, which are available through its website, as well as mobile apps.
There is also a fantasy cricket portal, Paytm First Captains, which was launched last month. It hopes to onboard over a million gamers during the current ICC Cricket World Cup, and has already seen substantial strides toward that goal. Its user base has reportedly grown five times already this month thanks to the World Cup, and the company hopes to reach GMV of between $4-$5 million before the competition ends.
Paytm, through its parent company, One97 Communications Ltd., and Alibaba Group’s AGTech Holdings injected $16 million into Gamepind last year. That investment has paid off, helping the platform become one of the hottest gaming platforms in India. If it’s able to secure the next $30 million it wants, it will use the investments to expand its offerings and user base.
Paytm is a FinTech company that didn’t want to miss out on the popularity of fantasy sports in India, one of the hottest industries in the country. There has been a slew of new companies entering the space over the past year and the industry is forecast to grow at a compounded annual growth rate of 28% over the next three years. If it reaches that level, it will be worth $1.2 billion.
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