Paytm and Alibaba’s AGTech pour in USD 16 million in Gamepind
Author : Saipriya Iyer | Published Date : 2018-08-13
Gamepind, a gaming joint venture owned by Paytm’s parent company One97 communications and the Alibaba Group-owned gaming and entertainment company AGTech Holdings has reportedly received a funding of USD 16 million. Sources claim that the investment has been provided in a bid to improve the gaming platform.
Sudhanshu Gupta, VP of Paytm and the newly appointed Chief Operating Officer of Gamepind stated that their gaming platform is currently available on the Paytm app and it offers a variety of casual and social games. With this investment, the company will develop a separate application for Gamepind, he added.
According to the Times of India, the joint venture aims to introduce a new range of social and casual games with attractive rewards in the form of coupons and products offered to mobile shoppers and casual gamers.
G.M. Cheng, Director of Gamepind Entertainment Private Limited, and President of Global Market AGTech reportedly stated that the company has faith in Gamepind’s enormous potential to capture the fast-growing mobile market opportunity in India and that they look forward to strengthening AGTech’s business in the country.
AGTech Holdings for the record is a Hong Kong based technology and service company known for its lottery games and entertainment content. The company is apparently owned by Ant Financial and Alibaba and had invested USD 7.2 million in Gamepind in July 2017, while Paytm’s parent One97 had poured in USD 8.8 million to develop the product.
According to reliable sources, Gamepind’s games are apparently free for users, and the company has not made any plans to monetize the platform by means of advertisement. However, Gamepind plans to earn some revenue through brand partnership.
As per Gupta’s statement, the increasing use of smartphones in integration with mobile internet has made the gaming industry a multi-billion-dollar industry in India. He added that his company is delighted to be a part of this journey, as it aspires to build a platform that offers rewarding and exciting games to customers.
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Saipriya Iyer . .
Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i
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