India’s Lumikai launches gaming VC fund
Lumikai, an Indian venture capital firm, has launched a fund targeting local gaming and interactive entertainment start-ups. The size of the fund was not disclosed.
Founded last year by Salone Sehgal, formerly a principal at London Venture Partners, and gaming industry veteran Justin Shriram Keeling, Lumikai says it has received financial backing from gaming and technology companies from Japan, Finland, the US and South Korea. It plans to invest 15-20 start-ups, writing checks of $200,000 to $2 million.
Lumikai claims to be the first venture fund of its kind in India and plans to offer operational support as well as funding to portfolio companies. Keeling says the firm has already spoken with 140 start-ups. Increases in user activity resulting from enforced lockdown measures this year have further boosted to the sector, which is rising in popularity as an investment thesis for venture capital across Asia.
Keeling believes there is room for the development of localized gaming in India able to produce interactive content and sophisticated digital experiences. Popular categories in the country currently include card games, sports, and mobile-based multiplayer battle games.
“We’re also excited to bring some of the most iconic names in the global games and media industry, both as investors into the fund, and our advisors to help founders in their journey,” said Keeling, according to a Medium post.
India’s most valuable VC-backed gaming start-up is Dream11, a fantasy gaming platform established in 2008. It raised a $100 million round in 2018. Investors include Kalaari Capital, Tencent Holdings and Multiples Asset Management. Meanwhile, mobile game and content publisher Nazara Games has raised $51 million from investors including IIFL Alternate Asset Advisors.
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