Over the past two years, the Indian online gambling industry took off in a big way and saw a major increase in users, revenue, investments, etc.
A KPMG report indicates that India’s online gaming industry, which was worth Rs 4,380 crores in fiscal 2018, is expected to grow 22.1% CAGR (compound annual growth rate) at Rs 11,880 crore by fiscal year 2023. Increased use of smartphones, rapid access to data, and rapid rise in digital payment applications amid pandemic-induced restrictions have benefited the growth of this industry.
Based in Noidais one such startup born during the pandemic that offers a platform for people to spend their time more productively and focus on mental progress, while earning money in real time.
The Quizbee Team
Owned by Private Limited Liability Intelligence Gamethe startup was founded in December 2020 by longtime friends Amit Khaitan and Abhinav Anand. The founders had been thinking about gamifying education for a long time and the lockdown moved the plans forward – from concept to implementation.
With over 20 years of experience providing management consulting and systems integration services, Amit has been associated with companies such as Sapple Systems, Sapient and Tech Mahindra.
Abhinav also worked with Amit at Sapple and Sapient Systems before starting his entrepreneurial adventure
What does the start-up do?
Quizbee is a knowledge and skill-based mobile game platform that offers multiple paid challenges in different genres such as Movies, Cricket, Travel, Food, General Knowledge and Puzzles.
It allows users to earn money and increase their knowledge and ability to answer questions quickly.
Commenting on the education of young people through learning through play, Abhinav Anand, CTO of Intelligence Game Pvt Ltd, recount Your story,
“We intend to turn a negative into a positive. Using fun and competitive methods to educate young people is what Quizbee aims to do. We want to attract young people, especially Gen Z, and harness their interest in increasing their knowledge and skills.
They will be prepared for contests because Quizbee is a time-based game app that perfectly captures brain cell cognitive functioning, i.e. how quickly your brain can perceive a task and complete it within a time frame. of defined time.
lead a 25 member team, Amit’s primary responsibilities include all facets of the software development lifecycle, as well as large and medium account management. Other than that, he manages P&L management for the territory, engagement management, and customer satisfaction with project teams to build long-term, profitable relationships with senior executives. He has also set up and leads a PMO (Programme Management Office) for large and small teams.
Meanwhile, Abhinav handles the technical aspects of the app and handles development and releases.
The platform has 50,000 users and 12,000-15,000 MAUs as of January 2022.
The YS design team
Market size and business model
According to a Indian Gaming Federation EY Report, India’s online gambling industry is one of the fastest growing sectors expected to cross $2 billion by 2023.
The startup monetizes its platform via a fee. Amit explains,
“When a user joins a quiz, they have to pay a fee. The ticket size to join the rooms varies from Re 1, 5, 10, etc. The fee goes to the prize pool which is split among the winners. We charge 10% of the prize pool as a platform fee.
The founders declined to disclose revenue figures at this time.
The path to follow
Quizbee plans to create a product extension that can increase its penetration in all markets. The startup also plans to add new topics for quizzes, including mythology.
“We have also shortlisted many other fun games that will be part of our future releases. Additionally, we plan to integrate the metaverse so users can have a real quiz experience while sitting at home, which might be the way to go given the kind of disruptions we’ve seen due to the COVID-19,” he adds.
Currently available in Hindi and English, the seeded startup intends to add more languages and improve the user interface as well. The startup competes with gaming companies including MPL (Mobile Premier League), Zupee, WinZO, Locoand others.
Available for Android devices to download from its official website, Quizbee will soon launch its app for iOS users as well, Amit confirms.