Bengaluru-based mobile gaming studio Spill Games has raised $10.5 million in a Series A funding round led by Elevation Capital, with existing investors Centre Court Capital and PeerCapital also participating.
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Spill was founded in 2024 by Om Misra, Tapan Ranjan and Harsh Garg, all former executives of PlaySimple Games. It makes free-to-play casual, puzzle and hybrid-casual games for players outside India, and earns money through advertising and in-app purchases.
The startup said the number of its games showing potential to scale profitably has doubled from three to six in less than three months.
Spill plans to use the fresh capital to expand the games that are already performing well, develop new titles, strengthen its technology and AI capabilities, invest in user acquisition and hire selectively. Its portfolio includes Cozy Finds, Sticker by Number, Zen Math Crossword, Bird Rescue Jam and Grill Master.
“We build what excites us, put it in front of players quickly and let their response guide us,” Om Misra, co-founder and CEO of Spill Games, said.
How the studio picks its games
Spill follows a portfolio approach. It builds several game concepts, puts them in front of players and then decides which ones deserve more money, based on data on player retention, engagement, monetisation and the cost of acquiring users.
At the centre of this is Compass, its in-house technology platform, which brings together tools for analytics, player retention, monetisation and live operations. The startup said its AI-led processes have made game development around four times faster than traditional approaches.
“We believe the next decade will see the rise of AI-native gaming studios that pair AI with strong product instinct, data and rapid experimentation,” said Manish Advani, principal at Elevation Capital.
At the time of its seed round, Misra said most mobile gaming studios were chasing one breakout hit.
“We took a different view from day one: build the underlying system first,” he said then. The company had said it planned to test more than 20 prototypes over 18 months and build a portfolio of five to ten profitable titles, rather than depend on a single hit.
Funding so far
The Series A comes about six months after Spill raised a $3.1 million seed round in April 2026, co-led by Centre Court Capital and PeerCapital. At that point it had five live titles, three of which had achieved positive unit economics.
Before that, in December 2024, the studio raised $750,000 from All In Capital, M-League and angel investors.
The new round is roughly 3.4 times the size of the seed round, and takes Spill’s total funding across its three rounds to about $14.35 million.
At the time of the seed round, about 50% of Spill’s users were in the US, 15% in Brazil and 10% in Japan.
According to Grand View Research, the global mobile gaming market is estimated at $176.7 billion in 2026 and is projected to reach $256.2 billion by 2030, growing at about 10.2% a year between 2025 and 2030.
The research firm said free-to-play remains the dominant model, with revenue coming from in-app purchases, ads and battle passes. North America is expected to be the fastest-growing region over the forecast period, while Asia Pacific held a 52.3% revenue share in 2024.
