Accel, Shunwei lead $5m round for India's Mech Mocha
Accel Partners and Shunwei Capital have led a $5 million Series A round for Indian mobile gaming start-up Mech Mocha Game Studios.
Existing investor Blume Ventures, which committed $1 million in seed funding in 2015 along with Flipkart, also participated in the round, according to an Indian media report linked from Mech Mocha’s Twitter. The company will use the new funds primarily for game development and to pursue partnerships with global game developers to localize their games for release in India.
Mech Mocha targets casual gamers and develops for both Android and iOS. It claims its first product, the child-focused Chhota Bheem Himalayan Game, has been downloaded over 3 million times. The company plans to expand its audience going forward to include college students and young professionals, and will introduce games aimed at women and girls as well.
India’s mobile game industry was worth $543 million at the end of 2016 and is expected to grow to $801 million by 2022, driven by continued growth in smartphone use and internet penetration as well as rising income levels. Accel believes it can help Mech Mocha gain an edge through its experience in the global gaming industry. The firm’s investments include successful game developers such as Finland-based Rovio and Supercell, respectively makers of the Angry Birds and Clash of Clans franchises.
This is Shunwei’s second investment in India, after its commitment of $3 million to the Series A round of used car trading platform Truebil earlier this year. The firm was founded in 2011 by Tuck Lye Koh and Xiaomi founder Lei Jun, and primarily invests in early and growth-stage companies. It closed its third US dollar-denominated fund at $1 billion in 2015.
“The Indian mobile gaming sector is growing at a fast pace and holds great opportunity,” said Koh. “Mech Mocha has taken the lead in this space and we are happy to be a part of their growth journey. We hope to share our experience in China and use it to create new opportunities for Mech Mocha in India.”
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