In a Series A funding round from SAIF Partners and IDG Ventures mobile social gaming company PlaySimple has raised $4 million. Founded in 2014 by former Zynga employees Siddharth Jain, Preeti Reddy, Suraj Nalin, along with former Walmart Labs engineer Siddhant Jain, PlaySimple has developed two games – GuessUp and WordTrek, which have together got 10 million downloads on Android and iOS app stores.
“We plan to invest the funds in three things – in expanding our team to 60 people in the next few months, in developing more games under our title, and on marketing,” said Siddharth Jain.
Though the games are free of cost, the Bengaluru-based company earns revenue through in-app purchases and advertisements and expects to cross $7 million in revenue this financial year. “We are a profitable entity,” added Jain. Mayank Khanduja, principal at SAIF Partners, said, “We have known the PlaySimple team for over a year and are amazed by the growth they have got in a very short period of time.”
Source: Times of India
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