dv, the online lottery platform, is looking for a new investor to help the company scale up its app for US consumers.
Launched in August, dv lets consumers bet on a $1 million lottery prize with the help of the company’s online casino, with the possibility to win more.
This year’s US lottery was worth $2.8 billion, according to a study conducted by PwC, with a big win coming from the first round of the lottery.
“Our goal is to make it as easy as possible for our customers to bet on the jackpot at a reasonable rate,” dv founder and chief executive Ramesh Nair said in a statement on Wednesday.
He said the company plans to make dv available for US customers starting in the first quarter of next year.
The company plans for the app to reach about 500 million users by 2020.
While dv’s app was launched by Nair, the company has also backed other startups including PwCs lottery betting platform, which recently raised $8 million from Sequoia Capital.
The funds, which are available to investors in US, were also used by the company to acquire several other businesses in the gaming space, including its mobile app.
The app has already been downloaded more than 3 million times and has been the No. 1 app in the country since its launch.