Games2win raises $ 5 million from two VC firms

Games2win raises $ 5 million from two VC firms

Author | exchange4media News Service | Thursday, Mar 29,2007 9:47 AM

Games2win raises $ 5 million from two VC firms

Games2win India Pvt. Ltd has announced that it has raised US$ 5 million from two leading venture capital firms — Clearstone and SVB Financial Group. Clearstone is the lead investor in the company and has invested the majority of funds.

Games2win India was spun out as a separate entity in the latter part of 2006 from Contests2win.com India as a standalone business, dedicated to the online gaming marketplace. Alok Kejriwal heads Games2win, while the co-founders include Cyrus Oshidar, Creative Head, MTV Networks, and Mahesh Khambadkone, who was earlier with Dhruva Interactive and Lisle Technologies.

Clearstone Venture Partners provides venture capital for technology innovators in the computing and Internet sectors. On the other hand, SVB Financial Group, the parent company of SVB Silicon Valley Bank, serves both emerging and mature companies in the technology, life science, private equity and premium wine industries.

Said Alok Kejriwal, Founder & CEO, Games2win, “We are delighted to be partnering with Clearstone and SVB at the early stage of our growth. Our investors have deep experience in helping consumer-facing web companies to scale up and go to market, while we also intend to significantly leverage their well-placed connections in the global economy. Also, as we scale rapidly, our investors will be well placed to help us with additional rounds of financing.”

Commented Rahul Khanna, Director, Clearstone, “Internet users in India are still highly under-served when it comes to online entertainment that is relevant and compelling. With its unique blend of topical, irreverent and action-packed games, we are confident that Games2win will be a dominant player in the rapidly growing online gaming marketplace in India. With Clearstone’s track record of building category leading consumer Internet businesses like Paypal, MP3.com and Etoys, we look forward to building Games2Win into a globally recognised brand.”

“With the emergence of gaming as a significant channel of entertainment in India and the region, SVB is excited to be making this investment in Games2Win. In addition to their considerable creative talent, Alok and his team have the essential business experience and a proven track record that positions them for success,” said Ash Lilani, Head, SVB Global. SVB Global helps SVB Financial Group clients navigate global technology and venture capital markets.

Games2win has been operating its casual games website since six months and has been very successful in ramping up traffic and stickiness. The site attracts Indian and international gamers who are served exclusive games that are created by the in-house studios. The site has already attracted large advertisers such as TataSky, Zee Group and AXN, among others.

Games2win intends to be an aggressive player in the Massive Multiplayer Online Games business in India and has signed up an exclusive world-class title for an April release in India. The investments received will be used for capital investments, joint ventures, brand building and working capital requirements.

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