Gaming-focused venture capital firm Lumikai launches a $50M Gaming, interactive media fund for gaming companies which includes Krafton (BGMI developer), Nazara Tech, Take-Two Interactive, Jon Vlasopulos (CEO of Napster) and Supercell.
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According to Invest India, a national investment promotion agency, India’s pay-to-earn industry has raised a whopping $2.8 trillion from both domestic and foreign investors over the past five years. In 2020, Lumicai raised a whopping $40 million, which helped fund startups like Loco and Elo Elo as well as Mumbai Play.
Justin Keeling, Lumikai’s founding general partner, said in a Reuters interview, “There’s been a lot of inbound interest from global investors into the India market.” We’ll also be using the capital to fund series A investments in the gaming and interactive media markets in India.
Lumikai has mainly focused its investment in casual gaming firms, with Keeling saying, “I think the regulatory environment in RMG has only started clearing up now. We are a diversified player, so we won’t discount investments in RMG entirely.”
Nodwin Gaming co-founder and limited partner in Lumikai’s Fund II limited partner AkshatRathee said, “The Indian gaming industry is not just pre-revenue products and the deployment should be pragmatic. Access to capital for middle-stage companies with a good model will help them scale phenomenally.”
Analysts say that the gaming market is booming due to India’s huge youth population, higher disposable income among the rich, and more people buying smartphones. According to a recent report from Deloitte India & Lumikai, India has over 500 million gamers.
According to a recent report by Deloitte, India is now the world’s largest fantasy sports market, with more than 13 crore active users. The government has also recently announced new changes to online gaming regulations, which could provide clarity and boost investment in the sector.
Credit: Gateway to Gaming
The post Lumikai Launches $50 Million Investment Fund For Gaming & Interactive Media appeared first on All India Gaming Federation.
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