Spill Games Raises Rs 100 Cr Series A at Rs 400 Cr Valuation
Spill Games raised Rs 100 crore from Elevation Capital at a Rs 400 crore valuation, 3.5X its April 2026 seed mark. Founders hold 41.23% after the round.
By Daniel Okafor
2 min read
What's News
- Spill Games raised ~Rs 100 crore ($10.5 million) in Series A led by Elevation Capital
- Round values the startup at ~Rs 400 crore, 3.5X its Rs 115 crore seed valuation from April 2026
- Elevation invested Rs 80 crore and now holds 20%, the largest external stake
- Co-founders Om Misra, Tapan Ranjan and Harsh Garg collectively hold 41.23%
Bengaluru mobile gaming startup Spill Games has raised about Rs 100 crore ($10.5 million) in a Series A round led by Elevation Capital, which values the company at roughly Rs 400 crore. That valuation marks a 3.5X jump from its seed valuation of Rs 115 crore in April 2026, when the startup raised around Rs 27 crore.
The round drew participation from existing investors Centre Court Capital and PeerCapital, according to regulatory filings accessed by Entrackr. The new money buys Elevation Capital the position of largest external shareholder.
How is the deal structured?
Spill Games allotted 6,094 compulsory convertible preference shares (CCPS) at an issue price of Rs 1,65,110 per share, alongside 10 equity shares. The split of the capital among investors:
- Elevation Capital: Rs 80 crore
- Centre Court Capital: Rs 12.6 crore
- PeerCapital: Rs 8 crore
Per the filing, the fresh proceeds will fund several priorities: scaling successful games, expanding the portfolio, investing in user acquisition, strengthening AI and technology capabilities, and selective hiring. The company monetises its games through advertising and in-app purchases.
Who founded Spill Games?
Three former PlaySimple Games executives — Om Misra, Tapan Ranjan and Harsh Garg — founded the company in 2024. Spill Games operates as an AI-led mobile gaming studio. It builds free-to-play casual, puzzle and hybrid-casual games for global audiences.
What does the cap table look like now?
Elevation Capital now holds a 20% stake, the largest external position. Centre Court Capital follows with 11.78% and PeerCapital with 8.93%. All In Capital holds 7.48%, and M-League Limited holds 2.70%. CRED founder Kunal Shah retains a 0.68% stake.
The three co-founders collectively control 41.23%. Misra owns 14.02%, while Garg and Ranjan hold 13.61% each. That keeps founder ownership above any single investor after a round that multiplied the company's valuation by 3.5X in roughly seven months.
The bet from Elevation Capital now rests on whether Spill Games can convert a fast valuation jump into a scaled portfolio of AI-built casual games for users outside India.
Source: entrackr.com
More from Daniel Okafor
Show full bio
Correspondent covering money, funding and market shifts around entrepreneurship, startups and venture funding at Business Bearings.
1,687 articles