Led by WaterBridge Ventures, Delhi based online poker gaming site 9stacks raised $3.83 Mn in series A round of funding.
Founded in 2017 by Sudhir Kamath, Pratik Kumar, Abhinav Nigam, Rishab Mathur, 9stacks is a real-money skill-gaming platform focused on technology development and branding/marketing in the space of real money online gaming in India. Aimed mainly at online poker, wherein users can learn and play the game and earn real money, it currently offers its online poker game in 24 states of India.
Sudhir Kamath, CEO, 9stacks, said, “With Waterbridge Ventures becoming the lead investor in our Series A fundraise, we are delighted to announce that 9stacks is India’s first online poker company to reach this funding milestone. This is a great sign of confidence in the 9stacks team, the systems and processes we’ve put in place, in addition to the rapidly growing market itself. We want 9stacks to be the preferred platform for poker in India, especially for new players, where anyone can discover, learn and play poker, any time, anywhere,”
To further build its technology platform and market expansion, the company primarily wants to use the funding for these two motives
Manish Kheterpal, Managing Partner, WaterBridge Ventures said, “India is at the cusp of massive online gaming adoption with an exponential increase in players and revenue expected in this sector. Real Money Gaming will have a significant wallet share of online due to ubiquitous mobile access, increasing disposable income, convenience, and superior user experience. Having said that, it is an execution heavy space and we, therefore, chose to back a highly professional and accomplished team of founders comprising of Sudhir, Pratik, Abhinav, and Rishab. We are proud to partner with this founding team with a great pedigree and a proven track record.”
The company raised seed funding of $1.55 Mn (INR 10 Cr) from a clutch of investors that include Kartik Sheth, Chief executive, Wynk Music, Swati Gupta founder, IndustryBuying, Maheshwer Peri, founder, Careers360 and
Purnima Khandelwal, founder, INI Farms.