Online gaming startup Quizbee on Wednesday announced it has raised an unspecified amount of funds through pre-seed funding led by Kanodia Group.

Quizbee, a recent entrant in the quiz space, has launched its real-money gaming application catering to quizzing enthusiasts.  With a focus on competitive multiplayer gaming experiences, Quizbee’s mission is to provide a knowledge-based gaming experience and cash prizes based upon the user’s knowledge.

This platform enables the users to compete live with other players for real cash prizes by properly and swiftly answering questions. Quizbee is a platform, where people will use their knowledge of educational subjects or even sports and movies to compete against other knowledgeable opponents and earn real money in the process. 

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“We all know that there are very few real money gaming applications in the educational domain which are good, we intend to cater in this space and our goal is to have both casual and serious gamers engaged in a game which improves their knowledge as well. Thus, Quizbee has a clear edge over other online gaming platforms,” said Amit Khaitan, chief executive officer, Intelligence Game Pvt. Ltd.

“This funding will enable the Quizbee team to invest further in marketing to increase the user base. The fund will be used for making the application more visible in the real gaming space along with the improvement of user experience on the application. Our goal is to reach 10 million users over the coming year with an expected daily active user base of over a million. We intend to become the top performers in the knowledge base real money gaming space,” shared Abhinav Anand, chief technology officer, Intelligence Game Pvt. Ltd.

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“Quizbee team has done a great job in bringing the application to life quickly’. In a short period, they’ve built an application that can create India’s leading real money social gaming community. Quizbee has fostered an inclusive, welcoming, and safe community for friends, family, and students to play and learn together. It enables the users to gain knowledge through entertainment. We look forward to working with the team as they grow this application and take it to next level,” added Vishal Kanodia, managing director, Kanodia Group.

Given the unprecedented growth of online gaming companies like Dream11, MPL, Nazara Technologies, and WinZo Games, the real money gaming market in India has been on an upward trajectory. The online gaming industry is projected to grow at a compound annual growth rate (CAGR) of 40% to $2.8 billion by 2022 according to a Deloitte India report.

According to a report by consulting major KPMG, the Indian online gaming market is expected to grow 113 percent to INR 290 billion by 2025 from INR136 billion in FY21. During the period, these gaming platforms are expected to attract 657 million users compared with 433 million now.