Garena’s valuation has grown from $1 billion to $23 billion over the last six years.

The information was disclosed by Malte Barth, Bitkraft Ventures founding general partner. He gave a talk on ‘The Next Wave of Esports Investments: Mobile Esports Investment Trends to Watch for in 2020 and Beyond’ at PGC Digital.

According to, the growth is largely driven by the success of its mobile survival shooter Garena Free Fire. The title, which was the most downloaded mobile game globally across the 2019 financial year, hit 80 million daily active users in May 2020.

In Q1 2020, the title saw its player count grow to 402.1 million in Q1 2020, up 48 percent year-over-year. As for paid users, their number increased to 35.7 million, up 73 percent year-over-year.