Pre-owned console games store GameXS raises seed funding

GameXS also offers game rentals, e-sports, merchandising and gaming content development Pre-owned console games store GameXS, which is run by Gurgaon-based Krieda Solutions Pvt Ltd, has raised an undisclosed amount in seed funding from Lead Angels, an angel network based in Mumbai, the company said on Tuesday. Sanjay Krishna Goyal, the founder & CEO of ACL Mobile Ltd, is the lead investor among others. GameXS will use the funding to scale up operations, expand product portfolio, and add more people in the team. Founded in 2012 by Kabeer Jain, GameXS offers free doorstep pickup within one day in over 5,000 pincodes. Jain, an IIT Delhi alumni, was working with Trefis, a financial services firm, as a equity research analyst before founding this venture. Later in 2014, he was joined by Abhishek Jain, an IIT Roorkee graduate. Having worked in Reliance Industries Ltd for three years as lead expert on corrosion inspection, prevention and removal, he 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 approximately 50 per cent. “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 Jain. The company also offers game rentals, e-sports, merchandising and gaming content development. “GameXS’ USP 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,” said Sushanto Mitra, founder & CEO, Lead Angels. Founded by the trio of C Amarnath, a retired professor of mechanical engineering from IIT Bombay; Mitra, ex-CEO of Society for Innovation & Entrepreneurship at IIT-B; and a recent IIT-B graduate Bipin Kumar, Lead Angels mainly invests in startups that are founded by IITians. The angel firm currently 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.