Saraf, Algo, SAM, AZB act on Play Games 24x7 fund raise making it a unicorn
Play Games 24x7 has raised approximately ₹422 crore (US$55 million) from Malabar affiliate entities as well as Internet Fund VII Pte. Ltd., an affiliate entity of Tiger Global and an existing investor of Games 24x7.
The latest investment values the multi-game platform at US$ 2.5 billion.
Saraf & Partners acted for Play Games 24x7 and acted on all aspects of the transaction.
The transaction team was led by Partners Vaibhav Kakkar, Snigdhaneel Satpathy and Sahil Arora assisted by Associates Mincy Mathew, Paayas Pandit, Prabal De and Vishal V.
Algo Legal acted on behalf of the Malabar Investors. The team was led by Partner Abhinav Bhalaik, and supported by Principal Associate Armaan Patkar, Senior Associate Mayank Jhunjhunwala and Associates Chirashree K, Rohan Aneja, Koyal Mishra, & Abu Talha (CS).
The due diligence for the transaction was undertaken by Associates Ishita Agarwal, Megh Panchal, Reha Mehta, and Aritro Gon. The taxation team at Algo was led by Partner Smita Goel, and supported by Ankita Agarwal (CA), and Vishal Jain (CA).
AZB & Partners acted on behalf of Tiger Global.
Shardul Amarchand Mangaldas & Co advised Raine, an existing investor of Games 24x7.
Play Games is the first real money game (other than fantasy gaming) to become a unicorn and is the leading operator of real money games in India with games such RummyCircle.
Play Games also operates My11Circle, a major fantasy sports platform and is engaged in the business of providing casual games through its subsidiary.