Spill Games' ₹100 Crore Series A Values It at ₹400 Crore, Filings Show
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Spill Games' ₹100 Crore Series A Values It at ₹400 Crore, Filings Show
The Oct. 14 announcement gave no valuation; regulatory filings reviewed by Entrackr on Nov. 3 supply one, along with a cap table that leaves the three founders with 41.23 percent.
Spill Games, an Indian mobile gaming studio founded in 2024 by three former PlaySimple Games executives, raised about ₹100 crore at a post-round valuation of about ₹400 crore, according to Entrackr, which read the company's regulatory filings and published on Nov. 3. The company never published that valuation itself.
The round was announced on Oct. 14. Inc42 reported it that day as $10.5 million, about ₹100 crore, led by Elevation Capital with existing investors Centre Court Capital and PeerCapital, and listed the valuation as not disclosed. The filings arrived three weeks later.
What the filings record
Entrackr reports that Spill allotted 6,094 compulsory convertible preference shares, or CCPS, at ₹1,65,110 each, plus 10 equity shares. CCPS are preferred stock that converts to ordinary shares at a set point, so investors hold a senior claim until then. Multiplying the two figures gives about ₹100.6 crore, which matches the announced round and is the reason to treat it as closed rather than merely committed.
Elevation put in ₹80 crore. Centre Court added ₹12.6 crore and PeerCapital ₹8 crore, per Entrackr. Against a ₹400 crore post-round valuation, the new money bought about 25 percent of the company, and Elevation's ₹80 crore is the 20 percent it now holds.
| Holder | Stake after allotment | Source |
|---|---|---|
| Elevation Capital | 20% | Entrackr, from filings |
| Centre Court Capital | 11.78% | Entrackr |
| PeerCapital | 8.93% | Entrackr |
| All In Capital | 7.48% | Entrackr |
| Three co-founders combined | 41.23% | Entrackr |
Entrackr lists the founders individually: Om Misra 14.02 percent, Harsh Garg 13.61 percent and Tapan Ranjan 13.61 percent. Those add to slightly more than the combined figure, which Entrackr attributes to rounding. M-League Limited holds 2.70 percent and Kunal Shah, the CRED founder, 0.68 percent.
The step-up from April
The seed round in April 2026 raised about ₹27 crore at ₹115 crore, per Entrackr. The Series A valuation is 3.5 times that, in roughly six months.
- Seed, April 2026115 ₹ crore
- Series A, post-round400 ₹ crore
Source: Entrackr, Nov. 3, 2026, from regulatory filings
Neither outlet reports revenue, losses or downloads for Spill. The only operating detail comes from Inc42: six games in the portfolio, a proprietary engine called Compass, and a player split from the seed stage of about 50 percent United States, 15 percent Brazil and 10 percent Japan. Spill says it is an AI-led studio making free-to-play casual, puzzle and hybrid-casual games that earn from advertising and in-app purchases.
A valuation of ₹400 crore with no disclosed revenue cannot be turned into a multiple. That is the gap between this round and GIVA's ₹975 crore raise, where revenue at least gave the valuation a denominator, and it is the same missing denominator the site flagged in Clinics on Cloud's ₹120 crore Series A.
What the money is for
Spill told Inc42 the capital goes to scaling games already working, widening the pipeline, strengthening Compass, buying users and selective hiring. Paid user acquisition is the line item to watch, because a casual studio's growth is bought in ad auctions, and the first annual accounts filed with the Registrar of Companies will show whether the spend paid back.
Sources
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