Gaming Startups See Investments Boom

Mint reported that the pandemic-driven online gaming boom had channelled a record level of venture capital into Indian gaming startups, with $438Mn invested since April 2020 according to Venture Intelligence, including $107Mn in the new year. That compared with just $170Mn in the previous financial year.

Salone Sehgal, Founder and Managing Partner of Lumikai, described the market as having reached an inflection point for games, with more investment in a single year than in the previous five together and equal interest from financial institutions and strategic capital seeking partnerships and acquisitions. With excess global liquidity and Chinese markets out of reach, she added that India is starting to prove itself as a creator of games as well as a consumer.

The article also notes Lumikai's plans for several deals with Indian startups in 2021, alongside large rounds such as Dream11's $225Mn raise and Sensor Tower data showing 51% and 30% growth in in-app purchase revenue for gaming apps on Google Play and the App Store in 2020.

Read the article here.