Gaming platform BuyStars has raised $5 million in a pre-Series A funding round led by Lumikai. Other investors like Chiratae and Leo Capital also participated in the round. The company said it will use the fresh funds to launch new games on its platform.
BuyStars is a Mumbai-based gaming platform that offers a range of games, including sports collectibles and skill gaming. The company was founded in 2020 by a team of gaming enthusiasts and has since grown to become one of the leading gaming platforms in India.
The latest funding round is expected to help BuyStars expand its offerings and reach a wider audience. The company plans to use the funds to launch new games on its platform and to improve its existing offerings.
“We are thrilled to have Lumikai and Chiratae on board as investors,” said BuyStars CEO, Rahul Gupta. “Their expertise and experience in the gaming industry will be invaluable as we continue to grow and expand our platform.”
Lumikai is a venture capital fund that focuses on gaming and interactive media. The fund has invested in several gaming startups in India, including Nazara Technologies, All Star Games, and PlaySimple Games.
BuyStars platform is both engaging and innovative
“We are excited to be partnering with BuyStars,” said Lumikai founder, Salone Sehgal. “The team has a deep understanding of the gaming industry and has built a platform that is both engaging and innovative. We look forward to working with them to help them achieve their goals.”
Chiratae is another venture capital fund that has invested in several gaming startups in India. The fund has also invested in several other startups in the technology and healthcare sectors.
“We are pleased to be investing in BuyStars,” said Chiratae managing director, TCM Sundaram. “The company has a strong team and a compelling vision for the future of gaming in India. We believe that they are well-positioned to succeed in this rapidly growing market.”
The gaming industry in India has seen tremendous growth in recent years, driven by the increasing popularity of mobile gaming and the rise of esports. According to a report by KPMG, the Indian gaming industry is expected to grow at a CAGR of 21% between 2021 and 2025, reaching a value of $2.8 billion by 2025.
BuyStars is well-positioned to take advantage of this growth, with a platform that offers a range of engaging and innovative games. With the latest funding round, the company is poised to expand its offerings and reach a wider audience, cementing its position as one of the leading gaming platforms in India.
