Lumikai has launched the first gaming and interactive venture capital fund in India.
The new fund has been backed by major investment firms in Japan, Finland, the US, and South Korea. It is designed to back those are helping to grow India's games market, which has experienced fast expansion. In India alone, there are more than 300 million gamers.
India's first VC firm was founded by Justin Shriram Keeling, a former Fox Interactive Media exec, and Salone Sehgal, previously of London Venture Partners. Combined, the pair have more than 40 years experience in operations, global networks, and industry insight.
"Global inflection point"
"India's 300M+ user gaming market represent a global inflection point, a unique opportunity enabled by multiple stars aligning. A billion young, entertainment hungry users now have access to the world's cheapest data and frictionless national mobile payments – we also have arguably the deepest bench of raw creative and technical talent in the world" said Keeling.
"As India's first dedicated long-term capital and strategic partner for the gaming ecosystem, Lumikai's vision is to help enable a new golden age for India's ambitious founders that also drives interactive sector innovation worldwide."
The Indian games market has been on the rise for a while. Earlier this year, Crazy Labs realised the potential as it invested $500,000 into hypercasual games in the country.