MPL-backed Mayhem Studios Bags Funding From Lumikai

Lumikai has invested in Mayhem Studios, led by Ojas Vipat, a former product leader at Tencent who contributed to the early success of PUBG Mobile. The studio is developing Underworld Gang Wars, a fresh take on the battle royale genre built around immersive, culturally rich gameplay. Lumikai's research at the time estimated India's gaming market would reach $7.5Bn by FY28 at a 20% CAGR, with in-app purchase revenue growing at 46% to over $3Bn, a sign of rising willingness to pay that favours the mid-core segment. It also found that 61% of non-gamers cited Indian themes and cultural context as a reason to play.

The investment reflects Lumikai's commitment to backing original gaming IP that resonates widely, and to building world-class games from India for players in India and around the world.

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