Octro raises USD 15 million in Series A round by Sequoia capital

In a report by Times of India, a mobile gaming company, Octro has raised USD 15 million in series A round at a valuation of USD 70 million. The round was led by early stage investor Sequoia Capital.

It aims to utilize the raised funds for accelerating its existing team strength, add new titles in the pipeline and make available all the offline games on the mobile platform.

Octro was established in 2006 by founder Saurabh Aggarwal. Earlier, he has co-founded PDAapps, the creator of VeriChat, a mobile IM solution which was acquired by Intellisync in 2005 . The company is known for creating productivity applications for mobile devices. Also, it has created popular Indian  offline games like Teen Patti and Rummy recently.

“We are in the top five downloaded games across multiple categories on Google Play, the key for us has been our technology platform that allows for fast gameplay. We are making culturally relevant games for the Indian gamer across all platforms, be it mobile, web or for social media channels like Facebook,” said Saurabh.

At present, the company claims to have 2 million active users. By 2016, mobile games and apps market is expected to become worth INR 2,700 crore, as said by the analysts.

Other players included in this category are Bangalore based Bash gaming which has been acquired by GSN games at a valuation of USD 160 million.

Till now, Sequoia capital has invested in around 50 companies in India including Druva Software, Capillary Technologies, Mu Sigma, Pine Labs, Justdial, Micromax, Prizm Payments, Zomato, Justdial and Quick Heal. It manages total funding of USD 1.4 billion and invest across early, growth and late stage opportunities.

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