Credits: Ella Don

Top 10 Gaming Unicorn Companies and how far is India from becoming a ‘Gaming Giant’

Community Jun 16, 2022

According to a KPMG report from 2021, the number of online gamers in India will nearly double to 400 million by mid-2020, making it the second-largest base behind China. It was only logical that Inc42's The Makers' Summit 2022 included a session on understanding the fundamentals of developing a chartbuster product in the gaming sector, given that the country's online gaming market is predicted to grow to a whopping $3.9 billion economy by 2022.

Although, India is still far from reaching the levels China and the US have reached, the time when India will be considered the biggest gaming nation isn’t far away.

So, here are the top 10 biggest gaming unicorn companies globally:

10. Mythical Labs

  • Founded: 2018
  • Origin: Sherman Oaks, US
  • Funding: $260 M
  • Investors: 34
  • Founders: Cameron Thacker, Chris Downs, Jamie Jackson, John Linden, Rudy Koch
  • Employees: 100 - 250
  • Valuation: $1.25 B

9. Improbable

  • Founded: 2012
  • Origin: London, UK
  • Funding: $603.93M
  • Investors: 10
  • Founders: Herman Narula, Peter Lipka, Rob Whitehead
  • Employees: 500 - 1,000
  • Valuation: $2.00B (May 2017)

8. Mobile Premier League (MPL)

Credits: Startup Talky

  • Founded: 2018
  • Origin: Bengaluru, India
  • Funding: $377.70M
  • Investors: 18
  • Founders: Sai Srinivas Kiran G, Shubh Malhotra, Shubham Malhotra
  • Employees: 400-500
  • Valuation: $2.45B (September 2021)

7. Dream Games

  • Founded: 2019
  • Origin: Istanbul, Turkey
  • Funding: $467.20M
  • Investors: 6
  • Founders: Eren Sengul, Hakan Saglam, Ikbal Namli, Serdar Yilmaz, Soner Aydemir
  • Employees: 100-250
  • Valuation: $2.75B (June 2021)

6. Wildlife Studios

  • Founded: 2011
  • Origin: Sao Paulo, Brazil
  • Funding: $180.00M
  • Investors: 13
  • Founders: Arthur Lazarte, Michael Mac-Vicar, Victor Lazarte
  • Employees: 500-1,000
  • Valuation: $3.00B (December 2019)

5. Rec Room

  • Founded: 2016
  • Origin: Seattle, Unites States
  • Funding: $294.82M
  • Investors: 11
  • Founders: Bilal Orhan, Cameron Brown, Dan Kroymann, John Bevis, Josh Wehrly, Nick Fajt
  • Employees: 100-250
  • Valuation: $3.50B (March 2021)

4. Sorare

  • Founded: 2019
  • Origin: Paris, France
  • Funding: $737.08M
  • Investors: 31
  • Founders: Adrien Montfort, Fabian Estrada, Nicolas Julia
  • Employees: 10-50
  • Valuation: $4.30B (September 2021)

3. Moon Active

Credits: Venture Beat
  • Founded: 2011
  • Origin: Tel Aviv, Israel
  • Funding: $425M
  • Investors: 5
  • Founders: Samuel Albin
  • Employees: 1,000-5,000
  • Valuation: $5.00B (January 2020)

2. Dapper Labs

  • Founded: 2018
  • Origin: Vancouver, Canada
  • Funding: $665.07M
  • Investors: 95
  • Founders: Dieter Shirley, Mack Flavelle, Roham Gharegozlou
  • Employees: 100-250
  • Valuation: $7.60B (March 2021)

1. Epic Games

Credits: Vlad Gloski
Credits: Vlad Gloski

  • Founded: 1991
  • Origin: Cary, US
  • Funding: $544.93M
  • Investors: 34
  • Founders: Mark Rein, Tim Sweeney
  • Employees: 1,000-5,000
  • Valuation: $42.00B (October 2018)

Future of gaming companies in India

On the opening day of TMS 2022, BEENEXT's Chinmaya Saxena chaired a panel discussion between WinZO founder Paavan Nanda and Nazara's Nitish Mittersain.

He went on to say that, while India still lags behind corporations based in China, the United States, or Korea, there must be some degree of knowledge transfer and import to speed up the gaming boom in India.

Credits: Sean Do
Credits: Sean Do

Multiple forces acting in the same direction are required to further the push. For instance, the government pushing the gaming industry, multinational firms or their subsidiaries trying to set up shop in India, and esports companies pursuing teams with their support, resources, and direction - are just a few examples.

“I think we are in a very thriving ecosystem. As far as gaming is concerned, we are really starting to see international quality stuff coming out of India in the next 3-4 years,” Nanda added.

WinZO, which was founded by Nanda and Saumya Singh in early 2018, works with third-party developers to host games on their Android app, allowing users to enjoy individualized multiplayer gaming experiences. With over 50 million registered users, the site is available in 12 languages including English, Hindi, Gujarati, Marathi, Bengali, and Bhojpuri.

Griffin Gaming Partners, Makers Fund, Courtside Ventures, and Steve Pagliuca of Bain Capital are among the investors. In July 2021, the startup raised $65 million in its Series C financing, bringing the total amount raised to $90 million.

Dream11, the Mobile Premier League (MPL), and the newcomer Games24x7 are the three unicorns in the gaming industry right now. Another gaming company, Nazara Technologies, went public last year and is now worth roughly $657 million.

Want to know more detailed case studies regarding this intriguing topic? Read this blog as well:

All about Rajasthan’s Draft Bill on Online Gaming
A newly formulated department known as “The Skill Games Council of India”, urged on Wednesday that the Rajasthan government needs to broaden the scope of the draft gaming code by including rules for all online skill games, not just fantasy gaming.


After raising $75 million in a recent round led by Malabar India Fund, Games24x7 has become the 13th Indian unicorn of 2022. Tiger Global, a hedge fund based in the United States, was one of the other investors. The firm will get the funds in two installments, with the first installment consisting of a $32 million investment and the remaining funds coming from the same group of investors.

Credits: BW Business world

According to Inc42 estimations, the Mumbai-based startup's valuation has increased by 3X from $692 million in June of last year to $2.1 billion. The fresh investment comes roughly a year after the company received $18 million from investors including Frederick Emmer Pollock and Jonathan Sawyer.

We hope the insights provided were helpful to you in your endeavor to become the next E-sports star! For such amazing content, stay tuned and you should download the Tournafest app from Google Play or the App Store to compete in Esports Tournaments and Scrims for games such as BGMI, Free Fire MAX, and Call of Duty and win exciting prizes! You may also organize tournaments and fetch unmatched perks.

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