On Monday, Awon GameZ, a skill-based online gaming platform, secured $2 million from family offices as part of its initial fundraising round.
The investment will be used to upscale the firm, increase its product line and expand its market reach. According to the company, they will be employing global talent.
India’s gaming ecosystem has experienced exponential development in its skill-based real money user base in recent years. Awon GameZ was founded in 2020 by Amardeep Bajpai in Noida. By the end of this year, Awon GameZ hopes to have about 10 million users.
What is Awon GameZ about?
Users may play games like Fantasy cricket, rummy, and poker with their friends on Awon GameZ. They can even switch on their audio and camera to simulate a real-life feel. Additionally, gamers can provide input to their favorite game creators and customize it for themselves.
According to Bajpai, in real money gambling, each participant has a 50% chance of winning on the Awon platform. He claimed that this probability is far more than what is offered at any other online gaming platform. All you need are sets of abilities to improve your winning potential.
Another goal of the company is to give its consumers a single marketplace that can meet all of their gaming demands. The ultimate objective is to ‘gamify’ the experiences. Bajpai said they are also looking towards creating an online gaming platform targeted at kids.
What does the new investment mean?
Aditya Dugar, who has now invested in the company, said, “Gaming is not just about regular games like Candy Crush; it’s also about skill-based games that engage serious gamers. Now, if the word ‘gamer’ evokes imagery of young millennials wearing headphones immersed in their phone with fingers flashing all over the screen, you would be badly mistaken.”
“Today’s gamers play card-based as well as fantasy games. Both these are categories that are a high investment and high involvement genres for gamers,” Dugar also added. It is pretty clear with the hordes of online fantasy leagues coming up that this form of gaming works well with the Indian audience.
Awon GameZ is well-positioned to capitalize on India’s ongoing gaming boom, which has resulted from reduced internet changes and increased penetration. Though gaming holds more steadfast popularity in the west, India is catching up with the fever.
India’s gaming future is massive
The country provides huge potential since it boasts of having the second-largest smartphone user base and the world’s sixth-largest gaming sector. On the strength of existing and forthcoming improvements in 5G networks, the market is expected to reach $1.5 billion by 2025.
According to KPMG research, the gaming sector will increase at a 22.1% annual pace from INR 43.8 billion now to INR 118.8 billion by 2023.
Consumer spending on mobile games surged as well, with revenues peaking during the lockdown period. During this time, the average time spent on mobile phones climbed from 2.5 hours before to COVID-19 to 4.1 hours.
There has been a surge in the installation of gaming applications on mobiles. The COVID-19 lockdown further aided the acceptance of online gaming in the Indian market. People tend to use gaming as a form of entertainment and socialization. During the lockdown, gaming became more popular since people had more leisure time.