Investments, Startups

Mobile Gaming Company Playsimple Raises Funding From IDG and Others

A mobile social gaming company, Playsimple Games which is behind the game ‘GuessUp’, has raised an undisclosed amount from IDG Ventures India with participation from an angel investor Yezdi Lashkari, a former executive, at Zynga.

Playsimple Games was started by co-founders Siddharth Jain, Preeti Reddy and Suraj Nalin, also the team has previously worked at Zynga, Bain, Walmart Labs & Yahoo.

As per a YourStory report, the new funding will be used to build a portfolio of casual mobile games, increase its team from 6-20, by hiring game designers and UI experts. With this new funding the company is also planning to unveil multiple games in early 2015, while looking for a next round of capital.

IDG Ventures had made this investment from its seed fund program, which was launched earlier this year. The firm has also invested in recruitment startup Mynoticeperiod and mobile ad retargeting firm SilverEdge through the program.

IDG’s China fund has invested in 6 gaming and animation firms and its USA fund also has about 8-9 gaming firms in its portfolio. Playsimple is IDG’s first mobile investment in India.

Apart from this, in November, Flipkart founders Sachin Bansal and Binny Bansal had invested USD 1 million in a Bangalore based offline games startup, MadRat Games. In June this year, mobile gaming company, Octro had raised USD 15 million in series A round at a valuation of USD 70 million from Sequoia Capital. The gamification market is expected to reach USD 5.5 billion by next four years, and looks like the investors are all set to ride on it.

Images Source: Playsimple Games

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