Thursday, March 29, 2007

Clearstone, SVB invest $5 mn in Indian gaming portal

Mumbai-based gaming portal has raised about $5 mn from leading US venture capital firms Clearstone Venture Partners and Silicon Valley Bank Financial Group. This is the company’s first round of venture capital funding, and will be used to upgrade content, hire talent, and build the brand. Games2win will distribute smartcards similar to prepaid cards for mobile phones that allow customers to pay in advance for service.

The online gamers’ population in India is estimated to be about around 3.5 mn people, and this figure is likely to grow 50-100% every year for the next 5-10 years. The growth drivers would be the rapid adoption of the Internet, increased broadband penetration, the growth in Internet caf├ęs, and a sizable middle-class with rising disposable income.

Read more in the Red Herring article.

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