The muted forecast would be Garena's first decline in business ever. The outlook for Garena is expected to decline in 2022, after reports in March 2022 suggested that Garena will post US$2.9 to US$3.1 billion in bookings for the year, down from US$4.6 billion in 2021. Īs of the second quarter of 2021, Garena recorded 725 million active users, 45% more than the year prior, while the number of paid users grew 85% year-on-year, reaching 92 million. The acquisition did not affect the operations of Phoenix Labs or Dauntless, but helped Garena expand its international presence. In January 2021, Garena acquired Vancouver-based Phoenix Labs, the developers of Dauntless.

Li personally owned 20% shares, and Chief Technology Officer, Gang Ye, 10%. It was followed by Blue Dolphins Venture, established by Forrest Li, for 15%. Before the IPO, Tencent was the major shareholder of Sea Limited, for around 20% of outstanding shares and is currently at 18.7%. In October 2017, Sea Limited filed for an initial public offering on the New York Stock Exchange (NYSE) and aimed to raise US$1 billion. However, Garena was retained as a brand name of Sea Limited (aka Sea Group). In May 2017, Garena was renamed to Sea Limited. In March 2015, the Ontario Teachers' Pension Plan (OTPP), one of the largest pension funds in the world, invested in Garena, valuing the company at over US$2.5 billion. In 2014, the World Startup Report valued Garena as a US$1 billion internet company and ranked it as the largest internet company in Singapore. In 2012, it launched its first product, Garena+, an online game and social platform for people to discover, download and play online games.

The same month, the 'Dominion' game mode for Garena's League of Legends players in Singapore and Malaysia. Duke of Mount Deer was created by several top online-gaming experts from China and South Korea and has gained much popularity in China. The game combines a classic Chinese story with the latest 3D rendering technology and cinematic quality graphics. The game was the first MMORPG game available through Garena+. In December 2011, Garena announced their collaboration with online games developer, Changyou, to publish and operate the popular 3D martial arts game, Duke of Mount Deer, in Taiwan. In November 2011, Garena announced its publishing rights for the team-based shooter game, Firefall, in Southeast Asia and Taiwan.

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