Pre-owned console games store GameXS raises seed funding
Pre-owned console games store GameXS, run by Gurgaon-based Krieda Solutions Pvt Ltd, said on Tuesday it has raised an undisclosed amount in seed funding from Mumbai-based angel network Lead Angels.
Sanjay Krishna Goyal, founder and CEO of ACL Mobile Ltd, is the lead investor, GameXS said in a statement.
The company will use the funding to scale up operations, expand product portfolio and hire more people.
Founded in 2012 by Kabeer Jain, GameXS offers free doorstep pickup within one day in over 5,000 pin code areas. Jain, an IIT Delhi alumni, was working with Trefis, a financial services firm, as a equity research analyst before founding this venture.
Two years later, he was joined by IIT Roorkee graduate Abhishek Jain. Having worked with Reliance Industries Ltd for three years as lead expert on corrosion inspection, prevention and removal, Abhishek Jain joined GameXS as COO in August 2014.
GameXS claims to have processed more that 10,000 sale transactions and close to 6,000 trade-in transactions with a repeat customer rate of about 50 per cent. It also offers game rentals, e-sports, merchandising and gaming content development.
"The typical Indian gamer is passionate and reads a lot about games and the gaming industry world over, but is not able to play most of them because of high prices. By offering fair prices and a simple and convenient checkout to buyers and sellers, and super-fast pickups and deliveries, GameXS enables gamers to get to gaming quickly while getting the most bang for their buck," said Kabeer Jain.
Sushanto Mitra, founder and CEO, Lead Angels, said the USP of GameXS is its extensive collection of pre-owned games and consoles as well as the quality assurance that makes buying used games fast and hassle-free as opposed to classifieds.
"In addition, with its proprietary trade-in algorithm, GameXS allows gamers to sell any game at any time at a fair price in just a few clicks," he said.
Lead Angels was founded by Mitra, former CEO of Society for Innovation and Entrepreneurship at IIT-Bombay, along with C Amarnath, a retired professor of mechanical engineering from IIT Bombay, and IIT Bombay graduate Bipin Kumar. The angel firm mainly invests in startups founded by IITians.
The angel firm has chapters in Mumbai, Ahmedabad, Hyderabad and New Delhi, which it opened a year ago.
In May this year, it invested in Mumbai-based on-demand platform for sharing and renting office space MyCuteOffice.