GetMega, Real Money Gaming Company Raises $9 Million

Real Money Gaming company GetMega was founded by Mayank Kumar and Lokesh Jangid in Jan 2018. The founders are not new to the startup scene with another successful start up Opinio which was acquired by health and fitness company Cure.Fit. The company is based in Bengaluru and is operated by Megashots Internet Private Limited 

 The company had so far been operating in stealth mode but have now announced the launch of a new version of their product made available on the Android platform only, in March 2021.

Games

 The product has a rather variety of games on its platform with a combination of games to cater to various audience segments.

 

  • Card games such as Holdem Poker and Rummy

  • Casual Games like Carrom, GoPool, ABC Rummy, Dots and Dash, Fruit Kaat and Warship

  • Trivia Games like GK, 123 and Pic Me. 

 

The differentiation from the competition is not on the kind or type of games but rather approached through a clear focus on creating real-life social experiences. They have claimed to achieve that with making features such as audio and video chat available to their users

Funding

 The company had raised their initial seed round from Accel India in Dec 2018. The total value of the funding round was $1.99 million with a total company valuation of $10 million. Currently as per reports from Economic Times, the company claims to have raised over $9 million from Accel India, their seed funding partner, Nexus Ventures Partners among other angel investors. Currently more conversations are under way with existing and new investors to raise more funds in the near future.

Userbase

 The product currently has 5 million users registered on the platform with a target of increasing the user base by 10 times to 50 million users by the end of 2021. The product had net revenues of $144 in 2018 but has come a long way since then. Recently through a marketing campaign with over 200 YouTube influencers has managed to gain over a million new registrations on the platform. Influencers like comedian Tanmay Bhatt were involved in the campaign through live games as well as the live product launch on youtube.

The company also has some major plans on user acquisition but also is looking at expanding out of India as well. Emerging markets which have seen tremendous growth in online gambling are everywhere GetMega is looking at tapping into that market.

Security

 A serious challenge for GetMega and for the industry in general is security on transactions as well a fair playing environment. The company is also focused on making sure their users have a safe time and focus on enjoying playing the games available. They have tried to do this by adding a few security features such as Random Number Generator (RNG).

 Most Real Money Games companies use this to make sure that all games are played fair. RNG is a system which makes sure there is a random distribution of cards for games such as Poker and Rummy online. iTech Labs from Australia is a world leader in RNG certification and that is where GetMega got their certification from.

 Further encrypted card decks are added so no one except the player him or herself is aware of their cards.

GetMega is also a member of All India Gaming Federation (AIGF) which is an industry body for skill gaming organisations in India. The organisation keeps a keen eye on its members and makes sure proper standards are maintained and gaming platforms regulated with a focus on trust and safety for users.

GetMega is in an extremely competitive industry with already hundreds of players in the market. Also the explosive growth experienced by the industry during the pandemic made sure newcomers have a steep hill to climb when it comes to getting new users. However user acquisition requires constant source of funding which does not seem to be a major challenge for this organisation. The founders with their successful exit from Opinio, their previous startup already have a reputation in the market. Thus funding won’t be the challenge as much as how that funding will end up getting used. And with international markets in mind, GetMega will be a player from the Indian Real Money Games ecosystem that should be closely followed.

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