Ziffi Chess Secures Significant Investment in Series A Round
Ziffi Chess, a two-minute chess format game, has successfully raised Rs 44.2 crore (approximately $5 million) in its Series A funding round. This round was spearheaded by Tanglin Venture Partners, alongside participation from existing investors such as India Quotient, DeVC, and others. Earlier, Ziffi raised around Rs 7.3 crore in its Seed funding through two tranches from India Quotient, DeVC, and various angel investors. Notably, the company has opted not to publicly disclose details about both funding rounds, which total close to $6 million.
In a recent regulatory filing with the Registrar of Companies (RoC), the board at Ziffi Chess announced the issuance of 3,792 Series A Compulsorily Convertible Preference Shares (CCPS) and one equity share, each priced at Rs 1,16,583, in order to achieve the aforementioned funding total. New investor Tanglin Venture Partners led this round with an investment of Rs 34.4 crore (about $3.9 million) followed by existing investor India Quotient through IQ Alpha IV, which contributed Rs 8.6 crore. The remaining funding came from DeVC, Symphysis LSV LLP, and Rohan Nayak.
Valuation and Stakeholder Distribution
According to estimates from Startup Superb, Ziffi Chess is currently valued at Rs 206 crore or $23.5 million post-allotment. After the recent funding round, Tanglin Venture Partners holds a 16.67% stake in the company while India Quotient owns a 15.2% stake. The two co-founders, Akshat Bansal and Aditya Dubey, maintain a combined stake of 53.54%.
About Ziffi Chess
Ziffi Chess was founded in 2023 by IIT-B alumni Akshat Bansal and Aditya Dubey, who previously led a quick-commerce transition at Blinkit. The platform introduces a refreshing approach to the game with its distinct two-minute, six-move format, enabling players to engage in rapid matches and earn cash rewards. Although players can enjoy free matches, the tournament mode features a cash prize pool of Rs 350.
Following the government’s blanket ban on real-money online gaming, Ziffi Chess now offers its users the opportunity to play matches at no cost. The platform previously imposed an entry fee starting at Rs 10, as indicated in an App Store review.
Financial Overview of Ziffi Chess
In its inaugural year of operations during FY24, Ziffi Chess recorded an operating revenue of Rs 1.5 lakh while expenses totalled Rs 87.65 lakh, resulting in a loss of Rs 86 lakh.
About Tanglin Venture Partners
Tanglin Venture Partners, established by former Tiger Global executive Ravi Venkatesh, is gearing up to launch its third fund with a target corpus of $250 million. The firm’s investment portfolio includes a wide array of startups such as Pocket FM, Moglix, Sugar.fit, Good Flippin’ Burgers, abCoffee, Scapia, Plum, Open, Ninjacart, Jupiter, and Rupeek, among others.