Octro Secures $15M Series A Funding From Sequoia Capital.
The company that is behind Teen Patti, Octro, has recently manage to raise a Series A round of funding for a total of $15 million from Sequoia Capital. Besides their Teen Patti, It also contains a game that is based on Rummy and launched a digital version of Tambola a couple of week back. Teen Patti and Rummy are currently placed among the top five games in multiple categories on Google Play.
The game known as Teen Patti has a similar look to that of Zynga’s Poker and is currently available for the iOS and Android. One of the many things that makes these games incredible popular is that users will get to play against actual people, including friends and family, opposed to bots.
Octro was initially launched by Saurabh Aggarwal as a VoIP company back in 2006, but pivoted to games after a while. There are no advertisement in their games and Octro monetizes the game through in-app transactions. It boast to have a daily active user base of over 2 million.
Octro competes against companies such as Adda52 and Mango Games. While Adda52 offers poker and rummy, Mango Games, which secured a currently undisclosed amount of funding earlier this year, offers rummy games. Then there is also the Bangalore-based Bash Gaming that was acquisition by GSN Games For $160 million earlier this year.
There have been some on going questions about the legality of these types of games in India, but the general consensus, that it’s okay as long as the games do not involve real money. That being the case, the companies such as Adda52 let people purchase virtual currency and when they organize tournaments, offer mobile phones and tablets to winners instead of cash.